Asia: ICICI Bank posts 39% rise

Global Finance, Jan 2001 by Platt, Gordon

ICICI Bank, the first Indian bank to list on the New York Stock Exchange, was the top performer in Asia and among all emerging markets in November, with a gain of 39%.The bank's emphasis on expanding its retail operations was cheered by investors in Bombay and New York as heralding strong future growth.

ICICI Bank added nearly 100 automated teller machines this summer as part of its bid to expand its retail reach. It also offers online banking, where terminals in remote Indian villages operate as branches.

The bank's stock fell sharply in October amid disappointment over its earnings and rumors it would merge with its parent financial services firm.

Other top-performing ADRs from Asia in November included Indonesia's Indosat, with a rise of 29.2%, and PSi Technologies Holding of the Philippines, which was up 23.28%.

Another Indian company, Videsh Sanchar Nigam, was among the leaders with a rise of 21.19% in November. The company is expanding its online services through its VSNL Seamless Services unit. It enjoys a monopoly in India's international telecommunications market, and is the country's largest Internet service provider.