ICICI to double int'l revenues
ICICI has added branches in Hong Kong, Dubai and Sri Lanka as it targets the growing Indian business community.india Updated: Mar 09, 2006 15:05 IST
ICICI Bank Ltd, India's largest private sector lender, aims to eventually pull in 30 per cent of total revenues from its overseas operations, nearly double the current level, a top executive said on Thursday.
ICICI has recently added new branches in Hong Kong, Dubai and Sri Lanka as it targets the growing Indian business community throughout the world.
The Mumbai-based bank currently derives 15 per cent of its revenue from overseas operations and as it expands globally, it expects that figure to grow.
"Going forward, the target we have over the next three years is to scale it up to over 30 per cent," said Bhargav Dasgupta, head of ICICI's international banking group.
The bank is exploring opportunities in Africa and the Middle East and planning to open representative offices in Thailand, Indonesia and Malaysia, he said.
"We are evaluating our offices in China," he added, noting that their Shanghai representative office has been open for more than two years, qualifying them to apply for a branch license.
"Our strategy in the international market has clearly been organic," said Dasgupta, ruling out any upcoming acquisitions or investments in Asia.