ICICI Bank to raise over $5 B
Facebook Twitter google+ RSS Feed

ICICI Bank to raise over $5 B

By SiliconIndia   |   Monday, 26 March 2007, 05:00 Hrs
Printer Print Email Email
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.

Experts on SiliconIndia
Santhosh  K
Sr. Soft. Engg.
Oracle India
Nehal Vyas
Sr. Team Lead
Cyberoam Tech.
Rani Malli
Sr. Director
Sr. Executive
Vijay Balkrishna Konduskar
Business Consultant
Imans Web Tech
Dr L P  Sharma
Technical Director
Reena Khanna
Dellas  Asse
sys-network admin
Computer Station
Write your comment now
Submit Reset