ICICI Bank, the leading private sector bank is soon going to expand its presence in the Western part of the country with its merger with Bank of Rajasthan. The bank has negated any plan of going for foreign takeovers as it plans to maintain its focus in the local market so as to reach its target of being the number 1 bank of the country in terms of profitalbility 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 said.
When asked about the prospects of the recent deal in letting the bank outcome the present No.1 bank, SBI, Ms Kochhar 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."
The boards of the banks have approved the merger on Sunday.
When enquired if the merger deal was the best achievement in her 25 year long career, Ms Kochhar said, "Yes, it certainly is one of the high points of my career."