ICICI Bank not to take part in sector M&As

The country's largest private sector bank, ICICI Bank, does not wish to participate in the consolidation process in the Indian banking sector, and will grow organically, said K V Kamath, managing director and chief executive, ICICI Bank.

The bank which is foraying in a major way overseas by setting up branches, has also ruled out any foreign acquisitions.

Kamath expects international operations to contribute 20-22 per cent to the bank's overall topline in next two-three years. "We have applied for offices in Russia and New York," he said. The bank's preference has been to set up subsidiaries for its overseas ventures.

Meanwhile, Kamath said ICICI Bank will dilute its stake in Federal Bank and South Indian Bank in the next three years.

"These are just investments and we will dilute our holding in the next three years," said Kamath.