MUMBAI, July 24: ICICI is looking for suitable opportunities in southern and northern India for setting up a network for retail resources, according to the institution's chairman N Vaghul. ``It will be purely strategy driven,'' he said. ICICI's need for a retail network in eastern and western India has been satiated on acquiring ITC Classic and Anagram Finance, Vaghul said.Vaghul was addressing the extraordinary general meeting of ICICI shareholders on Friday for approving the institution's proposed merger with Anagram Finance. The proposal was put to vote at the EGM and the results are expected on Monday.
A resolution for the merger requires the consent of 51 per cent of the members in terms of numbers and 75 per cent in terms of share value. The results would then be placed before the Mumbai High Court and the likely effective date of the merger would be September 30, ICICI sources said. The institution is moving towards universal banking where diversification and retail network for resources will bethe key areas of focus.
The institution is gearing up to provide multiple products. ``We do not want to put all the eggs in one basket,'' he said. Almost 70 per cent of the institution's term-lending exposure every year is towards new companies.
ICICI chief executive officer and managing director K V Kamath, speaking on the occasion, said the company aims to maintain the dividend at 25 per cent and hike it on the basis of higher profit.
The ICICI shareholders also passed a resolution to change the name of the company to its abbreviated form -- ICICI.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
