In order to capture a share in the German market for online and telephone banking, ICICI Bank UK, a wholly-owned subsidiary of ICICI Bank has opened a branch in the financial centre of Frankfurt.
Chief Executive Kundapur Vaman Kamath said, “Germany, as Europe's largest economy, is an important step in the international expansion strategy of ICICI Bank.”
The new branch, member of the Association of German Banks, will concentrate on serving corporate business groups with substantial Germany-India relationships.
ICICI Bank, the country’s second-biggest banking group, plans to hire 20,000-30,000 staff in the current fiscal.
The bank would employ between 75,000 and 1,00,000 direct employees in the coming years. If indirect staffs that comprise insurance agents are added, the bank’s total employee force would be about half-a-million in some years.
KV Kamath, Managing Director and CEO, ICICI Bank said the banking group its realty needs accordingly.
Chennai: For offering up one-stop answer to business firms for Clean Development Mechanism (CDM) projects and Carbon Credit business, ICICI Bank has signed up a Memorandum of Understanding (MoU) with MITCON Consultancy Services Limited.
According to the company release the novel deal would assist several SME units, who would be capable of availing a full services package through direction from consistent partners with confirmed knowledge in the Carbon Credit business with the backing of ICICI Bank.
Rajesh Agarwal of CD Equisearch has suggested the shareowners to stay invested in ICICI Bank for long term.
Agarwal told, “In ICICI Bank funds, but because of interest rates stabilizing the margins will be better this time. It is currently quoting at a PE of 28, I think the bank has a very good long-term prospect and one could hold for a long term. The price target would be in the range of Rs 1,100-1,150 in a period of 6-9 months.”
ICICI Bank registered 25% growth in net profit to Rs 7,750.80 million for the first quarter ended June 2007 as against Rs 6,200.1 million in the same quarter of the last year (2006).
The operating income of the India’s biggest private sector lender ascended 50.16% to Rs 75,661.30 million for the quarter from Rs 50,386.30 million in the corresponding quarter, last year.
In comparison, total income for the same period also climbed 46.94% to Rs 92,814.20 million from Rs 63,161.9 million. The earnings per share (EPS) for the same period arose 23.7% to Rs 8.61.
ICICI Bank, the country’s second-biggest banking group, plans to hire 20,000-30,000 staff in the current fiscal. 
Chennai: For offering up one-stop answer to business firms for Clean Development Mechanism (CDM) projects and Carbon Credit business, ICICI Bank has signed up a Memorandum of Understanding (MoU) with MITCON Consultancy Services Limited. 
registered 25% growth in net profit to Rs 7,750.80 million for the first quarter ended June 2007 as against Rs 6,200.1 million in the same quarter of the last year (2006). 
