You are here: Home » PTI Stories » National » News
Business Standard

ICICI to open branches in Australia, SA, Mauritius: Kochhar

Press Trust of India  |  Vadodara 

The country's largest private sector lender ICICI Bank today said it plans to open branches in Australia, South Africa and Mauritius.

The city-headquartered bank has received the regulatory clearances to open the branches and will also upgrade its representative office in China, Managing Director and Chief Executive Officer Chanda Kochhar told reporters on the sidelines of its 20th annual general meeting here.

"Under the bank's foreign expansion plans, we will open branches in Australia, South Africa and Mauritius for which clearance is received from the Reserve Bank of India. We already have a representative office in China, where we will open a full-fledged branch," she said.

ICICI has the largest overseas network among Indian private sector banks, she said, adding that it has three subsidiaries and eight representative offices abroad.

The subsidiaries in the UK and Canada have had selective growth in business along with an improvement in profitability after a period of consolidation, she said.

"We have also focused on optimising the capital levels in this business through repatriation of capital and dividend payouts," she added.

Fiscal 2013-14 was a year in which ICICI focused on strengthening its business, network, technological capabilities and financial parameters, she said.

The bank added 653 branches and 834 ATMs to take the total network to 3,753 branches and 11,315 ATMs, she said.

"We were cognizant of the risks in the environment and calibrated our approach accordingly. Our future outlook is positive. We believe that the formation of a stable government with a focus on growth will help realise India's vast potential," Kochhar said.

A strong and diversified franchise, large distribution network, healthy capital position and sustained improvements in the balance sheet and profitability profile will help it leverage opportunities for profitable growth, she asserted.

Kochhar pointed out that during FY 2014, it could improve the performance in an environment marked by elevated interest rates, low growth and significant market volatility.

"We adopted a balanced approach towards growth, profitability and risk management," she said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, June 30 2014. 21:28 IST