Mumbai, May 19: ICICI Bank Ltd, said on Thursday it made its first foreign acquisition, buying a small unlisted Russian bank, which triggered a rally in Indian stocks.

The purchase of Investitsionno-Kreditny Bank (IKB), which had assets of $4.4 million as of end-March, will give New York Stock Exchange-listed ICICI a toe-hold in Russia's emerging market.

ICICI did not disclose the value of the deal or other details.

"The acquisition will provide us with a ready-made vehicle to garner individual deposits in Russia," Kalpana Morparia, ICICI's Deputy Managing Director, said.