Officials from ICICI Bank announced that the bank is going to add around 400-500 branches annually. It also aims at increasing the total spending percentage on the road and power projects in the years to come.
The Managing Director and CEO of ICICI Bank, Chanda Kocchar said, "I feel that we have to grow beyond the number of existing) branches... Over the next 2-3 years, we would continue to add branches at the rate of 400-500 per year"
Presently the bank consists of about 2,500 branches and 5,800 ATMs . Officials said that earlier the main focus of the bank was on Personal Loans but now it is more concerned about financing the corporate sector.
She said "I do feel ICICI Bank will play a major role in infrastructure project finance... As investment takes place in phases like in road and power projects, we move as investment takes place... this is an area of big focus,"
Regarding the expansion plans the officials said that it has not opened any new branch in the current financial year but the acquisition of Bank of Rajasthan by ICICI Bank automatically increased the branch network by 500.
"Well, bank grows where GDP grows. So, all the states where GDP growth takes place, banks will grow," Kocchar said.
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