ICICI Bank 2005 Annual Report Download - page 7

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monitoring processes. From 2001, we started
scaling up the retail business rapidly. With the
merger of ICICI with ICICI Bank in 2002, we
integrated our corporate and retail banking
growth platforms. The last three years have
seen us leveraging these platforms to become
the market leader in retail credit, triple our
deposit base and diversify and grow our
revenue streams across product lines and
customer segments. We have also achieved
leadership positions among the private sector
players in life and non-life insurance, which we
entered less than five years ago.
In 2001, we initiated the building of our third
growth platform - our international operations.
We saw an opportunity in the g rowing
internationalisation of India, the Indian
diaspora’s need for high quality, technology-
enabled banking services and the international
expansion of Indian industry. Since 2003, when
we established our first overseas branch, we
have made rapid progress in capitalising on
these opportunities. Our international
operations are already contributing to our
revenues, and we are rapidly scaling up our
operations in various geographies. We are
leveraging our international presence, the
global communications infrastructure and our
India-based technology platforms to offer a
unique value proposition to our customers.
There is a growing focus in India today, among
policy makers and industry, on realising the
potential of the rural economy as an engine of
India's growth. In consonance with the
government's emphasis on reaching out to the
rural population, we are creating a platform for
scaling up the delivery of financial services in
rural India. We believe that this will be the next
dimension of our growth. Our strategy is built
around offering a full range of products to meet
the needs of various segments of the rural
economy, including micro-financial services for
low income customers, through a variety of
5
Letter from the Managing Director & CEO
innovative channe ls. Technology is a key
element of our strategy to expand access to
financial services in a sustainable and profitable
manner. While several of these initiatives are still
being conceptualised or in the early stages of
their implementation, we hope to significantly
scale-up our operations in this area over the
medium term.
While we operate in diverse businesses, the
core building blocks are the same in each case -
our people and our abi lity to harness
technology, and the ceaseless innovation that is
the defining characteristic of our strategic
evolution. We constantly seek to identify and
assess new opportunities and creat e the
organisational capabilities to translate them into
viable businesses. In doing so, we challenge
existing paradigms, driving change rather than
only responding to it. Going forward, we will
continue to strive to innovate and capture
opportunities for growth and value creation. As
in our journey thus far, we look forward to the
continued support of all our stakeholders in this
endeavour.
K. V. KAMATH
Managing Director & CEO
Dickenson Tel: 022-2625 2282