The Hindu Business Line : ICICI Bank to make Kolkata hub for eastern India operations

ICICI Bank has decided to develop its Kolkata base as the hub of all its eastern India activities, which are spread across Orissa, Jharkhand and the entire North Eastern region.

Mr K. V. Kamath, Managing Director and CEO of ICICI Bank, who was in the city on Wednesday and Thursday, met the West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee.

According to him, ICICI Bank requires approximately one million sq ft of space and for that, the bank had asked for a 10-acre plot where it would set up its own complex. "We have placed our proposal and we are now waiting for the State Government to come back to us with a land offer," Mr Kamath told reporters.

According to him, ICICI Bank currently employs 2,500 people in this city, which is slated to increase to 4,000-5,000 during the next two years.

He is expecting a business growth 35-40 per cent from the eastern region.

Mr Kamath said that the proposed new complex would be ready within 24 months after receiving the land but preferred not to disclose the amount of investment his organisation would be making.

He, however, said that ICICI Bank and its associate companies, including the insurance outfits, would operate from the new building.

Earlier, while addressing members of the Indian Chamber of Commerce, he said he was bullish about the region. He also praised the West Bengal Government and the development activities carried out by it in the last few years.

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