ICICI Bank mulls overseas retail franchise buy
ICICI Bank announced its plans for acquisition in Britian, Canada or Germany and said that the area it was mulling was a retail banking franchise.
By PTI |
MUMBAI: India's largest private-sector lender,ICICI Bank, which announced its plans for acquisition in Britian, Canada or Germany, on Friday said that the area it was mulling was a retail banking franchise.
"We are interested in acquiring a retail banking fpanchise in some of these markets, consistent with our articulated strategy mf building a sustainable retail deposit base as a key element of our international business," ICICI Bank's Joint Managing Director, Chanda Kochhar, told.
However, the bank was not considering picking up minority stakes in financial institutions overseas, Kochhar said.
"As in any large organisation, we evaluate the business environment and possible strategic opportunities on an ongoing basis. However, we would not be interested in acquiring minority stakes," Kochhar said.
While the western markets present acquisition opportunities given the prevailing market conditions, such opportunities will come with certain challenges, Kochhar said.
"Western markets present acquisition opportunities, given the current situation in their financial sectors. But such opportunities will come with certain challenges," Kochhar said.
"We are interested in acquiring a retail banking fpanchise in some of these markets, consistent with our articulated strategy mf building a sustainable retail deposit base as a key element of our international business," ICICI Bank's Joint Managing Director, Chanda Kochhar, told.
However, the bank was not considering picking up minority stakes in financial institutions overseas, Kochhar said.
"As in any large organisation, we evaluate the business environment and possible strategic opportunities on an ongoing basis. However, we would not be interested in acquiring minority stakes," Kochhar said.
While the western markets present acquisition opportunities given the prevailing market conditions, such opportunities will come with certain challenges, Kochhar said.
"Western markets present acquisition opportunities, given the current situation in their financial sectors. But such opportunities will come with certain challenges," Kochhar said.
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