Ruling out any acquisitions, ICICI Bank said on Tuesday it will grow its business through expansion and dilute its stake in Federal Bank and South Indian Bank in the next three years.

The country's largest private sector bank does not wish to participate in the consolidation process in Indian banking industry and would grow organically, ICICI Bank Managing Director and Chief Executive K V Kamath said on the sidelines of a ICICI-Prudential Life Insurance programme in Mumbai.

A similar approach would drive the bank's strategy for international business, which is expected to contribute 20-22 per cent to the topline in next two-three years, he added.

"We have applied for offices in Russia and New York," he said.

Asked about plans for its stake in Federal Bank and South Indian Bank, Kamath said these are just investments and "we have written to Reserve Bank of India about our intention to dilute our stake in them in the next three years."

The stake in both banks would be brought down through market operations, he added.

ICICI Bank holds about 20 per cent stake in Federal Bank and over 10 per cent in South Indian Bank, Kamath said.

On the interest rate stance of the bank, he said the current situation does not warrant any relook at interest rate for deposit and lending.