ICICI Bank mulling acquisitions abroad: NYT report

ICICI Bank mulling acquisitions abroad: NYT report
PTI
Comment E-mail Print Share
First Published: Thu, Jul 10 2008. 11 26 AM IST
Updated: Thu, Jul 10 2008. 11 26 AM IST
London: India’s 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,” the New York Times reported today quoting two of the banks senior executives.
ICICI Bank executive director (international business) Sonjoy Chatterjee said in an interview to NYT, “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.
Comment E-mail Print Share
First Published: Thu, Jul 10 2008. 11 26 AM IST