ICICI Bank 2003 Annual Report Download - page 9

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7
enabled us to replace a large part of our legacy high cost borrowings. These achievements resulted
in a fundamental and dramatic shift in the composition of our balance sheet, bringing about greater
diversity and stability in both our asset mix and our funding profile.
Fiscal 2003 saw several other milestones for ICICI Bank. We continued to focus on optimal utilisation
of our retail distribution and servicing capabilities to offer enhanced customer convenience and a
wide range of in-house and third party products. We commenced our international foray in key target
geographies. This initiative, which already contributes significantly to our deposit base, should gather
momentum in the coming years as we obtain regulatory approvals and expand our operations. We
centralised and re-engineered our corporate banking services, leveraging technology to create a
platform capable of delivering customised, high quality solutions to our clients. Our insurance
subsidiaries achieved leadership in their areas of business, with the general insurance subsidiary
breaking even in its first full year of operations.
The year saw landmark legislative and regulatory initiatives to facilitate asset resolution in the Indian
banking system. We were proactive in implementing strategies to benefit from these initiatives,
resulting in significant progress in restructuring and recoveries. We also successfully placed a 16%
stake in ICICI Bank, held by ICICI prior to the merger, with strategic and institutional investors. We
became the only Indian company to have an investment grade international credit rating, one notch
higher than the sovereign ceiling, when Moody’s upgraded our long-term foreign currency debt rating.
We have now created a platform that gives us the capability to capitalise on opportunities in all
segments of our business, both retail and wholesale. Our strategic intent is to sharpen our focus on
key areas with a view to maximise value. With the continued support and participation of all our
stakeholders – investors, customers, employees – we aim to consolidate our position as India’s
leading financial services provider.
K.V. KAMATH
Managing Director & CEO