ICICI Bank has acquired Investitsionno-Kreditny Bank (IKB) in Russia for an undisclosed amount. IKB Bank has assets worth $ 4.4 million of which $ 2.5 million are loan assets. The bank has three branches - one in Moscow and two in Kaluga region.

This acquisition will provide ICICI Bank a ready vehicle to support the bank's organic growth in Russia as acquisition of a branch licence is a time consuming process. As per local regulations, the bank would not to allowed to accept retail deposit for two years.

Russian bank deposits has been growing around 40 per cent year on year for the last few years and consumer credit constitutes for around 5 per cent of total bank credit.

ICICI Bank currently has subsidiaries in the United Kingdom and Canada, branches in Singapore and Bahrain and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa.