Mumbai: Expansion of branch network and getting into new areas has been identified by the upcoming IDBI Bank to fuel its plans to position itself as one of the five leading banks in India. IDBI bank wishes to achieve this feat in the next four years. Yogesh Aggarwal, CMD of IDBI Bank summarized the bank's strategy, "the bank will look at carpet bombing of branches in places where we (IDBI) are already present."

The year 2012 has been set as the target by the bank's top brass and the bank has decided to walk the path of inorganic growth as well if it is required. Stating the advantages of IDBI over other banks and why it is a favourite among other banks to reach the top, Aggarwal said, "we are the only public sector bank which has the experience of two mergers. One with a well-doing private bank (IDBI Bank) and another with a failed one (United Western Bank)."

IDBI presently is a conglomerate of three financial institutions namely the IDBI (government owned), IDBI (privately owned) and the United Western Bank, which was merged with IDBI when it became defunct in the second half of 2006. IDBI is not limiting its expansion to India only, in fact the year 2008 will witness the bank opening overseas branches to consolidate its worldwide presence and position itself as one of the Indian banks having a good global presence. Singapore, Dubai and Shanghai, will get an IDBI branch during the next year itself.