ICICI Bank to raise over $5 B
By siliconindia | Monday, 26 March 2007, 05:00 Hrs
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.