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Location: Bangalore, Karnataka, India

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Monday, December 11, 2006

Misinformation, Disinformation

Once in a while, a news item comes along that can manage to make me amused and pissed off at the same time. This gem joins that august list. (If you want a write-up on the ICICI-Sangli Bank story, this is a decent place to go.)

For those who are too lazy to click, the piece is short enough to copy and paste:

The Communist Party of India deplored the reported move of the ICICI Bank to take over the Sangli Bank Limited and said such "clandestine moves'' was not acceptable.
"It is very distressing to see that foreign banks are allowed to take over Indian banks. This will adversely impact the job security and other rights of the employees,'' the party's Central Secretariat said in a statement.
It said that when the Left parties and the United Progressive Alliance were discussing banking reforms and other issues "such moves are clandestinely allowed to take place." "It is not acceptable.''

Hmmmm. I know that ICICI Bank is listed on the New York Stock Exchange. Either that's enough to make it a "foreign" bank, or our friends in red tend to associate good "Indian" banks with half open iron grills, threadbare red carpets, chaiwallahs scurrying to serve the DGM's Guests, and rude tellers with iron tokens.

Which means that any bank that markets itself with any kind of flair (Read: Snazzy ATMs all over town, Neon-and-Orange billboards, and an unfamiliar in-your-face slickness) is assumed to be the local arm of one of those huge multinational banks. Which leads to the logical conclusion: They didn't think Indians had it in them to do it so well.

As I said- amused and vaguely irritated.


Anonymous Anonymous said...

Shareholding pattern of ICICI Bank as on June 30, 2006:
Foreign Institutional Investors - 45.44%
ADR - 26.75%

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