ICICI Bank to raise over $5 B

By siliconindia   |   Monday, 26 March 2007, 05:00 Hrs
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Mumbai: India's biggest lender by market value, ICICI Bank Ltd., expects to borrow at least $5 billion in foreign markets this year through loans and bonds to fund its expanding international business.

“A large portion of the Mumbai-based bank's international business in funded by borrowings in the overseas market,” said Chanda Kochhar, ICICI Bank's Deputy Managing Director.

“Last year, we borrowed close to $5 billion,” Kochhar added. “This year, the amount would be larger because our whole business is going to be larger.” The bank is considering a euro-denominated borrowing, though the majority of the money would still be in dollars, reported a national daily.

The foreign revenue for ICICI bank has surged by 60 percent a year as Indian companies boost trade with the rest of the world and 25 million Indians living abroad send approximately $28 billion home annually.

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