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ICICI aims to grow at 30-35 percent

Chanda Kochhar, the bank's joint managing director, says if the economy continues to grow at 9-10 percent or so, the financial sector would have a faster growth rate.

business Updated: Dec 06, 2007 14:48 IST

India's second-largest lender, ICICI Bank, aims to grow at 30-35 per cent over the next three years, faster than the broader financial sector, its joint managing director said on Thursday.

"If the economy continues to grow at 9-10 percent or so, I think the financial sector would have a growth rate of about three times that ... We can expect the growth of 25-30 percent for the financial sector." Chanda Kochhar, the bank's joint managing director and chief financial officer, said at the Reuters India Investment Summit in Mumbai.

"ICICI is quite strongly poised to take opportunities of that growth taking place."

Earlier this year, the bank raised $4.9 billion in India's biggest-ever share sale.

Kochhar said that should be sufficient to help fund ICICI's planned growth of 30-35 percent over the next three years, so the bank did not have a plan to return to the equity markets.

ICICI Bank is India's largest private sector bank with assets of $92 billion as of September. It is the most valuable bank in India and the second-heaviest stock in the benchmark stock index.

ICICI Bank, which has 950 branches in India and subsidiaries in Russia, Canada and the United Kingdom, said last month it was involved in financing 88 percent of outbound Indian mergers and acquisition deals between January and September 2007.