The Hindu Business Line : ICICI Bank to focus on pvt banking

Mumbai, June 20 ICICI Bank will focus on private banking, wealth management and advisory services, and raising low-cost deposits within the retail segment this fiscal, said Mr V Vaidyanathan, Executive Director, ICICI Bank.

Mr Vaidyanathan was speaking to reporters on the sidelines of a press conference to announce the bank’s ‘Read to lead’ initiative.

Under the initiative, ICICI Bank, in collaboration with the MV Foundation, Kalinga Institute of Social Sciences and Project Givelife-Shriram Social Welfare Trust, will provide formal elementary education to 1,00,000 children in the age group of 6-14 years in 2008-09.

The bank has earmarked about Rs 12 crore for this initiative, Mr Vaidyanathan said. “There is big opportunity in the private banking and wealth management space,” he said.

Currently, the bank has around 2,500 clients with a balance of $1 million. It plans to increase its client base in this segment to 3,500 clients by the end of this year.

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