KATHMANDU: ICICI Bank Limited, India has inaugurated its representative office in Nepal. This is the first Indian private sector bank to set-up a presence in Nepal.

Nepal Rastra Bank’s Governor Maha Prasad Adhikari, Indian Ambassador to Nepal Vinay Mohan Kwatra, Nepali Ambassador to India Nilamber Acharya, and Managing Director and CEO of ICICI Bank Sandeep Bakhshi jointly inaugurated the representative office during a virtual event on Thursday.

The representative office will closely work with the domestic banks in Nepal to facilitate investment, trade, payments and treasury business between the two countries.

Speaking on the occasion, Sriram H. Iyer, Head – International Banking Group, ICICI Bank said, “India and Nepal have significant trade and investment links between them. We believe that ICICI Bank’s on-ground presence through the new representative office coupled with its strong business partnerships with banks in Nepal will help us further our participation in the economic flows between the two countries.”

Similarly, Ranju Sigtia, Head – International Financial Institution Group, ICICI Bank, said, “The representative office is a reaffirmation of our commitment towards the region and our belief in the long-term growth potential of the Indo-Nepal economic corridor. We look forward to working with our partners in Nepal for deepening connectivity for our customers doing business between the two countries.”

The bank has appointed Ranjan Kumar Thapa as the Chief Representative for its Nepal operations.