India-based ICICI Bank has revealed that it prefers domestic growth through the organic route and is not interested in foreign acquisitions, reported the Economic Times.
The publication quoted KV Kamath, managing director and CEO of ICICI Bank, as saying: Organic growth is the better way for us to grow further…We are an Indian bank and for boosting domestic operations we do not need to tie-up with foreign banks…other than deep pockets, what can they bring for us on the table.
Foreign banks do not bring anything on the table except large capital. On technology front we have everything at par with best of them…We have right skill set also…why should we need to go for an acquisition, added Mr Kamath, as cited in the publication.
Instead, the bank is interested in opening more branches in India to service its customers, Mr Kamath noted.
The publication also quoted Mr Kamath as saying: Branch licensing needs to be liberalized in the country. There are immense opportunities in the Indian market. Even foreign banks are coming here only because of huge growth potential in the banking space.