MICROCAPITAL STORY: Acquiring Sangli Bank Gives India’s ICICI Bank a Leg Up in Microfinance

With its acquisition of Sangli Bank, a private lender based in Western India, ICICI Bank, the second largest bank in India and the country’s largest private lending institution, is closer to its goal of expanding its portfolio to include more agricultural and microfinance lending. In this transaction, ICICI gains a bank with access to farmers in Maharashtra, the biggest Indian state by gross domestic product. Lenders in this area are trying to penetrate rural and semi-urban districts to tap prosperous farmers. Kalpana Morparia, joint managing director of ICICI, said, “We see the Sangli Bank as a perfect fit for expanding our rural lending. It fits in well with our plans for agricultural lending and micro finance.”

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