ICICI Bank to raise over $5 B
By siliconindia
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Monday, 26 March 2007, 17:30 IST
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.