India's largest private sector lender ICICI Bank [Get Quote] is looking at possibilities of acquisitions in Britain, Canada or Germany to expand its overseas business.

"ICICI Bank is considering acquisitions to expand outside its home market at a time when many foreign rivals are struggling because of tight credit markets," the New York Times reported on Thursday quoting two of the banks senior executives.

ICICI Bank executive director (international business) Sonjoy Chatterjee said in an interview to NYT, "The bank which has about five billion dollar on hand, could spend it on an international expansion that could include purchase of a "large consumer franchise" in Britain, Canada or Germany."

The bank at present offers online saving accounts to non-Indian customers in these three countries and is keen to build a global brand as rising interest rates have taken a toll on its consumer lending at home, the report added.

"Even though banks are cheap now they come with huge challenges and we need to see whether we want to take those or how to go about it," the report said quoting ICICI Bank chief executive K V Kamath.

The bank, however, is not considering to take minority stakes in large financial institutions in the United States or Britain, as was done by some financial services firms and investors from China, Singapore or the Middle East.

"We are not interested in that because we would not be able to make a difference," Chatterjee added.

Kamath said India's strict regulatory framework turned out to be a blessing because it prevented banks from investing in subprime mortgage assets that are proving difficult for many banks around the world, NYT quoted.

"India has been relatively inward focused, so we were isolated from the crisis," Kamath said adding "The banks did not have the ability to get involved."

Meanwhile, ICICI Bank expects to make profit as more Indian companies would seek financing for their acquisitions abroad.

"The pipeline for corporate deals of Indian companies abroad is the strongest I have ever seen," Chatterjee said and added that Indian companies are planning about $20 billion worth of acquisitions abroad to take advantage of lower asset values.

The bank helped in financing cross-border takeovers by Indian companies, including Tata Motors [Get Quote] $2.3 billion takeover of Jaguar and Land Rover and the United Spirits [Get Quote] takeover of the Scotch whiskey distillers Whyte & Mackay.

ICICI operates in 19 countries outside India, including the United States, and those markets account for about 25 per cent of the banks assets amounting to about $30 billion.