ICICI Bank 2007 Annual Report Download - page 7
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5
Annual Report 2006-2007
products. In the insurance sector, we continue to maintain
our leadership position among both life and general insurers.
We are among the two largest asset management companies
in India in terms of assets under management. We have
continued to deepen our relationships with corporate clients
and have developed a wide suite of products to cater to their
requirements. Going forward, we expect that the demand for
financial services in the retail sector will continue to act as a
significant growth driver. Given the strong investment pipeline
and the rapid scale-up of Indian corporates in international
markets, we expect the demand for financial services from the
corporate sector to grow exponentially. We will continue to
expand our international presence and focus on the international
operations of Indian companies, demand for financial services
from the large Indian diaspora and the opportunity to leverage
our technology platform to gain competitive advantage in
overseas markets.
We view rural India as a major untapped opportunity and are
focusing on this aspect as part of our core business of banking
and financial services. Our strategy is based on identifying
the needs of all segments of the rural population - farmers,
traders, entrepreneurs and the poorest of the poor, designing
products and services to meet their specific requirements and
creating a distribution network that delivers these efficiently
and at an affordable cost, while ensuring that our operations
are sustainable. Rural India offers us the opportunity to leapfrog
brick and mortar structures and use handheld devices and smart
cards to provide banking services. While these initatives are at
an early stage, we hope to build on these to develop a large-scale
rural banking platform in the years ahead.
Looking ahead, we believe that India will sustain high growth
rates for the foreseeable future, driven by the knowledge
economy and industrial resurgence, to which rural growth
could bring an additional new dimension. As an Indian financial
services group, we seek to facilitate and participate in this
growth process by making a wide range of financial products
and services available on a large scale, accessing capital to
support growth when necessary. Achieving size and scale
aligned to the needs of a fast growing modern economy, with
relevance in the global context, will be a key success factor as
India grows and globalizes. We look forward to your continued
support in this endeavour.
K.V. KAMATH
Managing Director & CEO