In the wake of its record share offering, ICICI Bank intends to use the proceeds to bolster its rapidly growing consumer credit business and expand into underserved rural areas with a smart card-based business that will obviate the need to establish new branches or ATMs. India''s largest private bank has raised over $4.3 billion from the sale of its shares in India and overseas markets, making it the largest public issue for an Indian company.
The bank is planning to expand aggressively into rural India, where about 60% of the population lives, using an innovative system based on smart cards through which customers will be able to do their banking with local shopkeepers and offices of nonprofit organizations.
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