ICICI Bank, a pioneer in retail banking in India with a 61 per cent market share, is now looking at the other two potential growth areas international and rural sectors.
Addressing a media conference in connection with its forthcoming public issue, V Vaidyanathan, head of retail banking, ICICI Bank, said that the the bank is poised to tap the opportunities available in these two sectors too.
While the bank is planning to partner with microfinance institutions with regard to rural banking including farmer credit, insurance and commodities, it will expand its operations overseas by offering higher interest rates on deposits by taking advantage of its low cost operations, Vaidyanathan said.
The Rs 7,000-crore public issue with a 15 per cent greenshoe option, has been offered concurrently in the domestic and international markets by the bank. The issue opens on December 1, 2005 and closes on December 6, 2005.