ICICI Bank is trying to become the number one financial supermarket with strong customer focus and retail strategies of product, channels and processes. The bank is innovatively integrating the customer services standards and contemporary technology.

The retail business is the key driver of ICICI Bank's growth strategy, with the objective of diversifying the asset portfolio and building a low-cost stable resource base. With a complete product suite across both asset and liability products as well as a wide range of banking services, ICICI Bank is today a retail financial supermarket with the ability to cross-sell the entire range of credit and investment products and other banking services to our customers. The key dimensions of our retail strategy are products, channels and processes, underpinned by a strong customer focus.

Changing demographics and the trend towards upward migration in income levels coupled with existing low retail credit penetration levels have created a major growth opportunity in retail finance. ICICI Bank's retail assets business is capitalizing on this opportunity with a competitive positioning and strategy comprising innovative products, wide distribution, strong credit controls and high customer service standards and rapidly growing volumes in each segment to achieve economies of scale. ICICI Bank's retail portfolio (including the portfolio of ICICI Home Finance Company Limited, its wholly-owned subsidiary) on September 30, 2002 was over Rs. 134.61 bn, as compared to the combined retail portfolio of ICICI and ICICI Bank of about Rs. 77.35 bn on March 31, 2002. Our retail asset products include mortgages, automobile and two-wheeler loans, commercial vehicles and construction equipment financing, consumer durable loans, personal loans and credit cards.

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