No global M&A plans for now: ICICI

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ICICI Bank has said that only Japanese banks have the necessary financial muscle to acquire US and European banks in current scenario and it would look only at Indian opportunities for now.

"Given global challenges, this should not be appropriate time to look at global opportunities," ICICI Bank Managing Director and CEO K V Kamath said when asked if the bank with its financial leveraging capability would consider acquiring American and European banks at their beaten-down valuations.

"I think coming from India and given opportunities in India, at this point of time, India becomes a better place to be," Kamath said.

On opportunities like Nomura buying fixed income assets of Lehman Brothers for a meager two dollars, Kamath said, "At this point of time, it is basically Japanese Banks which are in position to look at (these opportunities). I don't think British Banks are in position to look at it either and very few American banks are looking at.

"Suddenly it has become a very limited set of players who have large capital and large liquidity flows... I think time is not right for the developing countries," he said.