HDFC Bank pips ICICI in terms of branch network

HDFC Bank, the country's second largest private sector lender, which added 658 branches last year, has pipped ICICI Bank in terms of branch network.

As per the information available on its website, HDFC Bank has a nationwide network of 1,412 branches spread across 528 towns and cities. At the same time, ICICI Bank, the largest player in terms of asset and market capitalisation, has a network of 1,400 branches.

ICICI Bank has already got permission to open another 587 branches, a spokesperson of the bank said.

HDFC Bank has almost doubled its branch network last year through organic as well as inorganic growth route.

Last year, the Mumbai-based bank acquired Centurion Bank of Punjab leading to the integration of 404 branches, while it opened 254 new branches of its own during the year.

The bank also opened its first overseas branch in Bahrain during the year to provide trade financing to corporate clients and wealth management services for NRIs.

Recently, India's largest insurer Life Insurance Corporation of India (LIC) increased its stake in the bank to over five per cent following acquisition of shares from the open market.

LIC purchased 1.6 lakh shares from the open market hiking its stake in the bank to 5.01 per cent.

The equity holding of the insurer increased by 0.04 per cent from 4.97 per cent earlier. As on June 2008, LIC holding in the bank stood at 2.15 per cent, which went up to 4.7 per cent in September this year.