Gung-ho over the acquisition of Bank of Rajasthan through a no-cash deal, ICICI Bank on Sunday said a no to foreign takeovers and committed to remain focused on achieving the top-most player?s position in terms of profitability and productivity.
?No overseas (acquisition). We are not looking at any prospect (abroad). Internally our growth strategy is quite India-linked. We are doing just one prospect (deal). I think it is too early to talk of any other prospect,? ICICI Bank CEO and Managing Director Chanda Kochhar told PTI when asked which domestic or overseas deals are on its radar.
Asked if the latest deal would help her achieve the dream of making ICICI the top-most bank ahead of State Bank of India, she said, ?The number one position could be in many ways like productivity, efficiency and profitability.
?We are the number one in many of these parameters.
Clearly, profits will be a key area to our operations,? she said, adding that Bank of Rajasthan would help ICICI Bank not only in terms of branch expansion by 25 per cent but also greater visibility in western and northern parts of the country.
Normally it takes 3-4 years in terms of branch expansion of this size and Bank of Rajasthan has given the ICICI Bank the surge, she said. ?It is a strategic move for us. The amalgamation gives wide network and reach in northern and western India. There, our network was smaller compared to states say in the south.?
