ICICI Bank to expand distribution network, add 400 branches in three months
21 Jan 2008
Mumbai: ICICI Bank has estimated that India Inc would invest around $700 billion over the next three years, and is looking to "ride this capex wave'' according to Chanda Kochhar, joint managing director and chief financial officer of the bank.
Over the course of the next three months, ICICI Bank is getting set to roll out over 400 branches across India. That would take the count to around 1,355, given its existing set up of around 955 branches and extension counters. Kochhar also said that the bank would also add to its tally of ATMs, which presently numbers 3,687 ATMs.
In a separate statement, ICICI bank also made public plans to raise approximately $6.7 billion in 2008 from the international bond markets, primarily in euros, pounds and dollars. The statement clarified that this would be used primarily to finance expansion of the bank's Indian businesses, including organic and inorganic growth globally, and to fund the large investment plans in India.