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Icici Bank To Pick Grindlays Shimla, Darjeeling Branches

BUSINESS STANDARD 

ICICI Bank is set to take over the Shimla and of StanChart Grindlays.

ICICI Bank is looking at taking over the assets and liabilities of both these branches, which had a combined deposit base of around Rs 100 crore. However, their asset base is negligible. Both the branches have a combined customer base of around 6,000. Other private banks were also eyeing at taking over these branches.

Most of the customers in these branches are high net worth individuals and ICICI Bank is looking at cross-selling their other products to this clientele.

With this sell-off, the StanChart Group will have 60 branches in 15 cities across the country.

It plans to add another six branches in four cities by the end of 2002. The bank is looking at increasing its presence to 25 cities.

StanChart had last year sold its Srinagar branch to Jammu & Kashmir Bank along with all its assets and liabilities and its employees. The deal with ICICI Bank is also likely to be on similar lines, sources added. All the three branches which StanChart has now sold belongs to the Grindlays fold.

ICICI Bank has around 361 branches with another 38 extension counters. The bank has also applied to the Reserve Bank of India to convert the offices of the erstwhile ICICI Personal Finance Services and ICICI Capital Services as branches of the bank.

First Published: Sat, June 29 2002. 00:00 IST
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