ICICI open to domestic acquisition; rules out overseas | india | Hindustan Times
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ICICI open to domestic acquisition; rules out overseas

india Updated: Jan 31, 2010 14:56 IST

India's largest private sector lender ICICI Bank on Sudnay ruled out overseas acquisitions, but said it is open to buying local banks to increase presence and business within the country.

"We are not looking at global mergers or takeover or anything. In a way we are well established in 18 countries and we have a very large network in the 18 countries," ICICI Bank managing director and CEO Chanda Kochhar told PTI, when asked whether she was looking at properties abroad that were available at a discount.

However, as regards to domestic acquisition, she said, the bank is open to inorganic growth and would look for the right opportunity.

"In Indian context I would not rule it out but I will also say that there is no great existing opportunity that exits," she said.

"So there is nothing in the offing. In that sense I will not rule it out but as I say I don't see any opportunity just now," she said.

In the past, ICICI Bank had acquired two domestic banks Sangli Bank and the Bank of Madura to increase its presence in the country.

Currently, the bank has a network of 1,631 branches and about 4,883 ATMs in the country.