ICICI Bank Ltd has set up a wholly owned banking subsidiary in Canada that would offer a range of products targeted at retail and commercial clients.

ICICI Bank Canada would leverage its brand awareness within the Indo-Canadian community, an ICICI Bank release said on Tuesday.

Hari Panday has been appointed as president and chief executive officer of the Toronto-based new bank.

Canada represented a key platform in the bank's strategy of global expansion and business development to fulfill the needs of individuals and corporations, Lalita Gupte, the joint managing director, was quoted as saying.

In the first phase, the bank would offer a comprehensive mix of transaction accounts, term deposits, lines of credit, remittances and trade finance services for personal and commercial segments.

The bank would build on the multi-channel banking franchise established in India through branches, ATM network, mobile banking, call centre and Internet banking to serve the retail and commercial needs, the release said.

The bank already has an offshore banking branch in Singapore, offshore banking unit in SEEPZ, Mumbai, a subsidiary in London and representative offices in New York, Shanghai and Dubai.