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Wednesday, July 11, 2001



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ICICI working on strategy for global presence

Our Bureau

MUMBAI, July 10

ICICI Ltd has said that it is working out a strategy to enhance the group's international presence.

The board of directors, at a recent meeting, had discussed the issue in detail and decided to appoint Mrs Lalita Gupte as Joint Managing Director and Chief Operating Officer-International Business, ICICI said in a news release.

ICICI group's preliminary strategy for growth in international business would be based on leveraging home country links and technology competence in financial services.

The idea is to have an integrated approach, said a senior ICICI official. Currently, each group entity is pursuing independent strategy. ICICI Bank plans to open representative offices abroad. ICICI Securities has obtained a licence to operate in the US. ICICI Infotech, another subsidiary also announced plans to expand overseas.

The critical strengths which can be leveraged to create value include strong relationship with domestic corporate, established domain expertise in technology for financial services and existing NRI business, a release added.

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