ICICI Bank mulling acquisitions abroad

[suguhopes]

LONDON: The largest private sector lender ICICI Bank is looking at
possibilities of acquisitions in Britain, Canada or Germany to expand
its overseas business.

"ICICI Bank is considering acquisitions to expand outside its home
market at a time when many foreign rivals are struggling because of
tight credit markets," a New York based newspaper reported on Thursday
quoting two of the banks senior executives.

ICICI Bank executive director (international business) Sonjoy
Chatterjee said, "The bank which has about five billion dollar on
hand, could spend it on an international expansion that could include
purchase of a "large consumer franchise" in Britain, Canada or
Germany."

The bank at present offers online saving accounts to non-Indian
customers in these three countries and is keen to build a global brand
as rising interest rates have taken a toll on its consumer lending at
home, the report added.

"Even though banks are cheap now they come with huge challenges and we
need to see whether we want to take those or how to go about it," the
report said quoting ICICI Bank Chief Executive K V Kamath.
The bank, however, is not considering to take minority stakes in large
financial institutions in the United States or Britain, as was done by
some financial services firms and investors from China, Singapore or
the Middle East.

"We are not interested in that because we would not be able to make a
difference," Chatterjee added.

N.Sukumar
Research Analyst