ICICI Bank Plans to Expand ATM network, Internet-Banking & Call

Emerging Markets Economy, Apr 8, 2003

ICICI Bank, a subsidiary of ICICI Limited, the Indian financial services company, has announced that it plans to expand its operations through ATM network, Internet-banking and call centres rather than by expanding its branch network.

K V Kamath, ICICI's chief executive officer, stated "We will not go for massive branch expansion. Our business expansion will be through ATMs, internet banking (I-banking) and call centres," according to the Deccan Herald. At present the bank has 400 branches backed by 1,000 ATMs and 120 retail centres.

He also ruled out expansion through mergers and acquisitions, and noted "We are not going for any more acquisition in near future."

ICICI Bank is a subsidiary of ICICI Limited, the Indian financial services company. ICICI Limited owns nearly 75% of ICICI Bank. ICICI Bank is a commercial bank that has approximately 100 branches in 16 cities in India. At present the bank has around 150,000 customers. The bank specializes in corporate banking, retail banking and treasury. (EMEconomy.com)