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ICICI Targets Annual Growth of More Than 25%, Les Echos Reports

Dec. 6 (Bloomberg) -- ICICI Bank Ltd., India’s second-largest lender, is targeting annual sales growth of slightly more than 25 percent, Les Echos reported, citing Chief Executive Officer Chanda Kochhar.

With an Indian economy growing 9 percent to 10 percent annually, the nation’s banking industry can “certainly grow 25 percent each year,” Les Echos cited Kochhar as saying in an interview published today. “If the sector grows 25 percent, we will target a bit more than that for ICICI, obviously.”

Kochhar also told Les Echos the company wants to gain new clients among the foreign companies wanting to do business in India, French ones included.

To contact the reporter on this story: Albertina Torsoli in Paris at atorsoli@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

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