ICICI Bank, India's largest private sector bank with assets worth over $88 billion, is to open its first branch in Germany to bolster its European operations. ICICI currently has a presence in 18 countries, including a UK-based subsidiary with branches in Belgium, Canada and Russia. It also has offshore banking units in Singapore and Bahrain. "We will open our first branch in Germany in the next couple of months to expand ICICI's banking operations in European countries," said ICICI Bank's global private banking head Anup Bagchi. "We are hoping that through the UK we will be able to increase our network across Europe. For this our German branch will help in a big way." ICICI Bank set up an International Banking Group in 2002 to implement a focused strategy for its international banking business. Its private banking division was named "Outstanding Regional Private Bank - Asia Pacific" at the Private Banker International Wealth Management Summit this year.