ICICI Bank eyes global, rural customers for growth

ICICI Bank will focus on international operations, at the same time, emphasising on rural banking and retail financing in India to drive growth in future, said a senior bank official.

Addressing a press conference on the ICICI Bank public issue, Nachiket Mor, executive director, ICICI Bank, said, "With Indian companies acquiring overseas companies and setting their footprints in the global arena, the bank is also going to have an international presence."

The bank also expects to leverage the inward remittances to the country, since the annual remittances inflows in fiscal 2005 is estimated to be about $21 billion, he added.

ICICI Bank provides corporate credit, trade finance, wholesale fund raising and wealth management for the non resident Indians. The bank had acquired a small Russian bank recently for $2 million. ICICI Bank has offshore branches in Singapore, Hong Kong, Bahrain and subsidiaries in UK and Canada.

"We are laying thrust on rural banking by having branches at major agricultural markets, rural branches, franchises, internet kiosks, micro finance institutions and corporate partners," he added.

ICICI Bank's retail loans portfolio grew to Rs 68,537 crore as on September 30, 2005 from Rs 39,609 crore a year earlier, making it the bank with the largest retail assets among banks and finance companies in India.

The size of ICICI Bank public issue of equity shares is Rs 5,000 crore. In addition, there is a green shoe option available to allocate additional equity shares up to Rs 750 crore and operate a price stabilisation mechanism post-listing. The issue will be open from December 1 to 6, 2005.

The public issue is part of the bank's consolidated capital raising exercise of Rs 7,000 crore with a green shoe option of Rs 1,050 crore.

Of this total amount, Rs 2,300 crore (including a green shoe option of Rs 300 crore) is proposed to be raised through an issue of American Depositary Shares including a 'public offering without listing' component in Japan.