<p>Located in the banking hub of Singapore's central business district, the branch office is the start of ICICI's retail operations in the country under a 25-branch Qualified Full Banking (QFB) licence given by the Monetary Authority of Singapore in April, Kochhar said.<br />"We look at Singapore not just as doing business with Singapore, but the region," she said, impressing on the bank's growth plans without setting forward targets.<br /><br />Responding to questions on acquisitions, as well as further expansion in the region, she said ICICI would essentially have organic growth going forward.<br /><br />Singapore accounts for USD 5.8 billion of ICICI Bank's USD 90 billion annual balance sheet and a significant 25 per cent portion of its international business."In that sense, Singapore is one of the largest hubs of international businesses," Kochhar added.<br />"Our focus will be to develop the regional banking business through Singapore operations," said Kochhar, who also underlined the importance of Southeast Asian markets.<br /><br />"I expect a lot of business coming from the regional facilitated by the QFB licence in Singapore," she said.<br /><br />The ICICI Bank Managing Director said the lender would be adding new products to expand its Singapore and regional businesses.<br /><br />Kochhar also highlighted the importance of Non-Resident Indian remittances, pointing out that ICICI has a 28 per cent share of the total remittances coming into India and Singapore is an important part of that business too.<br /><br />Touching on ICICI's growth strategy for the coming years, she said: "Our expectation is that we will grow around 18 per cent for the current year ending March, 2011, and 20 per cent to 22 per cent the following year."<br /><br />Kochhar also cited stronger growths for banks in India, based on the projected 9 per cent to 10 per cent annual Indian economic growth.She projected annual Indian banking sector growth of over 20 per cent, with some larger banks growing by "more than that".<br />"In five years' time, the Indian banking sector should be about 2-1/2 times the size of what it is currently," said Kochhar, acknowledging the massive financing requirements for developing the country's multi-billion dollar infrastructure sector."I think there are huge opportunities for all of us in India. The pie is large and there will opportunities for all banks to grow," she said. <br /></p>
<p>Located in the banking hub of Singapore's central business district, the branch office is the start of ICICI's retail operations in the country under a 25-branch Qualified Full Banking (QFB) licence given by the Monetary Authority of Singapore in April, Kochhar said.<br />"We look at Singapore not just as doing business with Singapore, but the region," she said, impressing on the bank's growth plans without setting forward targets.<br /><br />Responding to questions on acquisitions, as well as further expansion in the region, she said ICICI would essentially have organic growth going forward.<br /><br />Singapore accounts for USD 5.8 billion of ICICI Bank's USD 90 billion annual balance sheet and a significant 25 per cent portion of its international business."In that sense, Singapore is one of the largest hubs of international businesses," Kochhar added.<br />"Our focus will be to develop the regional banking business through Singapore operations," said Kochhar, who also underlined the importance of Southeast Asian markets.<br /><br />"I expect a lot of business coming from the regional facilitated by the QFB licence in Singapore," she said.<br /><br />The ICICI Bank Managing Director said the lender would be adding new products to expand its Singapore and regional businesses.<br /><br />Kochhar also highlighted the importance of Non-Resident Indian remittances, pointing out that ICICI has a 28 per cent share of the total remittances coming into India and Singapore is an important part of that business too.<br /><br />Touching on ICICI's growth strategy for the coming years, she said: "Our expectation is that we will grow around 18 per cent for the current year ending March, 2011, and 20 per cent to 22 per cent the following year."<br /><br />Kochhar also cited stronger growths for banks in India, based on the projected 9 per cent to 10 per cent annual Indian economic growth.She projected annual Indian banking sector growth of over 20 per cent, with some larger banks growing by "more than that".<br />"In five years' time, the Indian banking sector should be about 2-1/2 times the size of what it is currently," said Kochhar, acknowledging the massive financing requirements for developing the country's multi-billion dollar infrastructure sector."I think there are huge opportunities for all of us in India. The pie is large and there will opportunities for all banks to grow," she said. <br /></p>