ICICI Bank 2003 Annual Report Download - page 5
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provider of banking and other financial services to corporate and retail customers. Our pioneering
new approaches to banking and our focus on extending the availability of technology-driven
convenience to a large customer base have resulted in rapid business growth. We have achieved
leadership positions across diverse businesses, from retail credit to life insurance. We have
completed our transformational change from a single product financial services company to a
true universal bank. Going forward, the key challenges for the Bank are to maintain its leadership
positions in these businesses and expand and deepen its penetration in others. The Bank will also
continue to focus on proactively addressing the legacy issue of distressed debt, and operationalise
its strategies in this area in coordination with other participants in the financial system.
While we have today built stable businesses that we believe will deliver sustainable value to our
stakeholders, there are also many exciting opportunities for further growth. The banking sector
has focused primarily on the urban segment, with rural banking being viewed as a regulatory
burden. We believe that rural India represents the new frontier in banking, offering a vast, untapped
market for integrated technology-driven banking and financial services. These include the whole
gamut of financial products ranging from agricultural credit to consumer credit, liability products
and insurance. Our strategy in this segment will be built around a deep understanding of rural
income and cash flows and financial needs, and use of technology to deliver a high level of service
to the rural customer base without the high cost of operations associated with traditional rural
banking models.
As the economy grows more resilient and legacy issues are resolved, the Indian banking sector is
indeed entering a significant new phase. We believe that ICICI Bank is well-placed to capitalise on
emerging opportunities, as it reaches out to new markets in India and the world. We look forward
to the future with enthusiasm and hope.
N. VAGHUL
Chairman