ICICI Bank''s Yearly Customer Growth Bigger Than Singapore''s Population

ICICI Bank is increasing its customer base every year by a number that is far higher than the entire population of Singapore, Bank CEO K V Kamath said on Dec 4. The bank has built a customer base of 27 million and in 2006, added 8 million, which is more than the population of Singapore. Under Kamath''s leadership, ICICI''s market capitalisation has increased to 31 billion dollars compared with 1.6 billion dollars in 2002, when the original corporate lending institution merged with its commercial banking offshoot. Asked for the reason behind his success, he said: No leader succeeds without a team. I take credit for building that team and encouraging the process of idea-generation of that team. ICICI''s assets have increased 40 per cent annually in the last three years to 93 billion dollars, propelled by a boom in Indian consumer credit where the private sector lender has a dominant one-third market share.