As a part of its global expansion plans, the private sector lender, ICICI Bank Ltd will set up a full-fledged branch in China during this fiscal. The bank currently has a representative office there.At the Annual General Meeting of the bank in Vadodara today, the Managing Director, Chanda Kochhar expressed confidence in the new leadership at the Centre.
"We are optimistic about the decisive mandate at Delhi and we are hopeful about growth of the banking sector and overall economy," Kochar told shareholders on Monday.All the agendas of the AGM were passed by the shareholders.Speaking to the media after the AGM, Kochhar said, "We have received approval from the Reserve Bank of India (RBI) for starting branch operations in China. We already have representative office there." She did not divulge further details.
Kochhar also informed that the bank would continue expanding its branch network in India during the fiscal.The shareholders also raised points on a possibility of a bonus issue or a rights issue by the Bank. However, the management of the Bank informed that the bank was well-capitalised and hence there is no need to raise fresh funds through Rights Issue.
"They (ICICI Bank) are on the right path with regards to rates and financials. They are waiting for the upcoming Budget, which may help corporate lending to grow as it lagged in past few quarters," said a shareholder after the AGM.