ICICI Bank has opened its first retail outlet in Singapore.
MD and CEO of the bank, Ms Chanda Kochhar said, the retail outlet has been opened in the banking hub of Singapore’s central business district the branch office is the first step towards starting of ICICI’s retail operations in the country under a 25-branch qualified full banking (QEB) license given by the Monetary Authority of Singapore in April.
She said, "We look at Singapore not just as doing business with Singapore, but the region," while emphasizing on the bank’s growth plans without setting forward targets.
In reply to questions on acquisitions, and further expansion in the region, she said ICICI will basically focus on organic growth.
ICICI Bank annual balance sheet is $90 billion out of which Singapore accounts for $5.8 billion and a significant 25 per cent portion of its international business.
Kochhar added, "In that sense, Singapore is one of the largest hubs of international businesses." She added, "Our focus will be to develop the regional banking business through Singapore operations," and also underlined the importance of Southeast Asian markets.
She said, "I expect a lot of business coming from the regional facilitated by the QFB license in Singapore."
The ICICI Bank Managing Director stated bank will be adding new products in order to expand its Singapore and regional businesses.
Kochhar also pointed out the importance of non-resident Indian (NRI) remittances, and said, bank has a 28 per cent share of the total remittances coming into India thus Singapore is an important part of that business.
Speaking about ICICI’s growth strategy for the coming years, she said, "Our expectation is that we will grow around 18 per cent for the current year ending March, 2011, and 20 per cent to 22 per cent the following year."
Kochhar also referred to strong growth of banks in India, based on the projected 9 percent to 10 per cent annual Indian economic growth.
According to her Indian banking sector annual growth would be over 20 per cent, with some big banks achieving growth "more than that".
Kochhar said, "In five years' time, the Indian banking sector should be about 2-1/2 times the size of what it is currently," and admitted there is a massive financial requirement for developing the country's multi-billion dollar infrastructure sector.
She added, "I think there are huge opportunities for all of us in India. The pie is large and there will opportunities for all banks to grow."
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