The Hindu Business Line : ICICI Bank in talks with corporates to tap rural markets

The bank, which has identified a number of financing opportunities in the rural markets, intends to cater to a wide range of initiatives, including milk and sugar cooperatives.

The corporates are expected to tap areas ranging from supply chains, to farm stores to warehouses.

The bank is exploring various ways to utilise the emerging opportunities in this context.

ICICI Bank, said Mr K.V. Kamath, Managing Director & CEO, intends to offer its services to a fast-widening space.

"No single player can do justice to the opportunities that are arising in the rural sector. We know that the corporate fraternity is keen on creating new businesses here. As bankers, we are interested too," he said.

The bank hopes to play a proactive role in terms of lending to rural customers.

ICICI Bank, aware that the horticulture sector will be very productive in the days ahead, wants to associate itself with what Mr Kamath described as "the greens" (as opposed to "the grains").

It would like to bankroll producers' efforts at addressing a big issue: wastage.

At another level, it is working closely with micro-credit institutions with a view to create successful partnerships.

GDR plan: ICICI Bank will follow developments regarding Federal Bank's proposed GDR offer, Mr Kamath said.

Talks between ICICI Bank, which holds a key stake in Federal Bank, and IFC Washington have reportedly taken place with regard to offloading part of its holding.

The Federal Bank brass has recently stated that the proposed overseas issue will happen before the end of the current fiscal.

ICICI Bank's stake in the smaller bank as on September 30 stood at 20.76 per cent.

Federal Bank had earlier informed stock exchanges that its board has cleared the GDR proposal up to 2 lakh shares, including greenshoe option.

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