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January 24, 2008 15:07 IST
In a massive expansion drive, HDFC Bank [Get Quote] is targeting over 1,000 branches by the end of this fiscal, a move that could help it overtake bigger rival ICICI Bank [Get Quote] in terms of branch network.
HDFC Bank, the country's second largest private sector lender, currently has 746 branches, over 200 less than those of ICICI Bank.
The Mumbai-based lender said in a communication to its customers, "The bank is gearing up to expand its current network of branches to cross the 1,000 branches mark in the near future. " When contacted, a bank spokesperson declined to comment on the timeline for this planned expansion, saying it was "subject to RBI approval." However, people close to the development said that the bank was looking to achieve this target by opening more than 250 branches by March this year. ICICI Bank, with a branch network of close to 950, is believed to have no immediate plans to expand it in India. The country's biggest private sector lender has more than 3,600 ATMs, as against about 1,650 of HDFC Bank. HDFC Bank is also looking to expand its overseas presence by opening branches in Bahrain, Hong Kong and London. Its overseas presence is currently limited to a representative office in Dubai.
It is in the process of seeking regulatory clearance for opening Hong Kong branch and is expected to start operation in Bahrain in the next quarter. However, plans for London are believed to be at a preliminary stage.
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