Having identified India as one of its major markets globally, Standard Chartered Bank on Wednesday said it was open to acquisitions and plans to more than double its branch network in the country to 150 by 2006-07.

"In the next 2-3 years, we plan to be in the top 40 cities as against 24 now. Our branches should increase to 150 from 66 now," Vishu Ramachandran, regional head (consumer banking), Standard Chartered Bank, said on the sidelines of a co-branded credit card launch with Air Sahara, in New Delhi.

He said the bank expects to maintain its growth momentum in both profits and revenues this fiscal.

The bank was also open to acquiring rival banks in the country, he said, but added it has not shortlisted any possible target bank.

"We are not looking at any acquisition now. Our bias is towards organic growth. However, if the price is right and it (the rival bank) forms a strategic fit, we are absolutely open to it (acquisition)," Ramachandran said.

Standard Charatered Bank acquired ANZ Grindlays Bank's Indian operations a few years ago to become the largest foreign bank in India.

After the government relaxed norms to make voting rights proportionate to shareholding pattern, many of the foreign banks are eyeing acquisitions in India.

On the importance of India to the Standard Chartered Group, he said the group has decided that the two most important countries for it were India and China.

"India as of today is more important than China. India is now averaging 15 per cent of the group's profits," he said.

During 2002-03, Standard Chartered Bank India recorded a post-tax profit of Rs 848 crore (Rs 8.48 billion) and a 40 per cent growth in advances, Ramachandran said.

Its consumer banking assets grew by 40-45 per cent and deposits by 17-18 per cent.

The consumer banking business contributed 55 per cent of the bank's revenues and 40 per cent of profits, he added.

"We are bullish on our growth prospects for this fiscal," Ramachandran said, but declined to give details.