ICICI to shore up foreign business

After having gathered experience in managing risks across various segments of financial services in India, ICICI Bank may look at expanding its overseas business beyond banking to areas such as asset management.

Besides banking, ICICI is among the few financial conglomerates in the world with experience of managing risks in areas such as asset management and insurance (both life and non-life).

The experiences offer opportunities globally, deputy managing director, Nachiket Mor, said addressing the CFO summit organised by the Confederation of India Industry here. He, however, did not elaborate as to how country's second largest banking entity will exploit global opportunities in financial services other than banking.

ICICI Bank has presence in 17 countries including the UK and Canada. It also acquired a small bank in Russia as a part of overseas expansion plans.

At end of December 2006, its global asset base stood at Also decided to merge Sangli Bank, a ailing private bank in Maharashtra, with itself to expand its footprint into semi urban and rural areas.

Earlier dwelling Enterprise risk management, Mor said now Indian corporates have to manage much bigger risks than about decade ago.

While there is discussion about global business environment turning adverse reflected in risks of real estate and stock market collapse. However, it looks to be dooms day scenario which may not happen.

Today, the market has far more propensity for things (trends) moving rapidly in one direction or other, indicating volatility. Reserve bank of India is now far more adapt for manage the economic and monetary environment for soft landing, he said.