ICICI Bank wins the inaugural Excellence in Remittance Business
AWARD: ICICI Bank has won the inaugural Excellence in Remittance
Business award at the sixth Asian Banker Excellence in Retail Financial
Services Award, the most esteemed, comprehensive and anticipated Awards
Programme in the Asia Pacific that recognize the pursuit of excellence
amongst retail financial institutions.
The bank received the award at The Asian Banker Excellence in Retail
Financial Services 2007 Awards ceremony, held in conjunction with the
regionâ€™s most prestigious retail banking event, the Excellence in Retail
Financial Services Convention.
The ceremony was held at the Pudong Sharngri-La Hotel in Shanghai on
the evening of June 8.
About 150 senior bankers from award winning banks in 22 countries
across the Asia Pacific, the Gulf region and Central Asia attended the
star-studded celebration of the regionâ€™s most outstanding retail banks.
The awards programme, administered by The Asian Banker and refereed
by prominent bankers, consultants and academics from around the world,
is the most respected award of its kind.
ICICI Bank has won the inaugural Excellence in Remittance Business
award in The Asian Banker Excellence in Retail Financial Services
This new product category was introduced to the Awards programme this
year to recognise the bank with the strongest proposition and most
notable achievements in its remittance business across the Asia Pacific.
Despite an overwhelming response from over a dozen banks,
particularly banks from India, Indonesia and the Philippines where
inward remittance volumes have traditionally been among the highest in
the world, ICICI stood out for its remarkable success in rolling out a
predominantly Internet-based remittance service.
The popularity of the online portal catapulted ICICI to double its
market share of the Indian remittance sector in the last two years to
over 25 percent of the total.
At the same time, an automated processing system substantially
improved cost efficiencies and allowed ICICI to charge one of the lowest
remittance fees in the region. In addition, ICICI has leveraged on its
remittance business to expand its customer base and boost the
performance of its other retail banking products and services.