ICICI aims to be among world’s top 10

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ICICI Bank, the country’s biggest private lender, expects overseas business to account for at least one-fourth of its balance sheet in 2008 and is targeting a place among the world’s top ten banks within five years.

“If there ever be an Ivy League of global banks, I believe, in 5-10 years, we have to have a few banks from China and a few from India in that league,” ICICI Bank Managing Director and CEO K V Kamath told PTI in an interview.

“The target is that we will try to do it in less than five years. China has done it and their three banks are in the top ten. Three years ago, none of us would have given them any change of getting there,” he said.

While attributing the current position of Chinese banks to the economic uptrend that started there ten years ago, he said “within six years, as an Indian bank, we should also enjoy similar change in attributes”.

Kamath said he did not see slackening of India growth story for another 15 years and if the GDP grows at 10-11 per cent, banks and financial services sector should grow at a three-times multiple or about 30 per cent every year.

“If you look at that possibility you are really looking at doubling your size every three years. Then in six years, it should be a size where most Chinese banks are today -- in the top 10,” said the head of India’s most valued bank.

ICICI Bank’s Joint MD and Chief Financial Officer Chanda Kochhar said the bank was already India’s biggest in terms of overseas business and was looking at a contribution of at least 25 per cent from its international business in 2008.