UK arm's investments rated high, says ICICI Bank
Facebook Twitter google+ RSS Feed

UK arm's investments rated high, says ICICI Bank

Tuesday, 30 September 2008, 11:38 Hrs
Printer Print Email Email
New Delhi: India's largest private bank ICICI Bank said in a regulatory statement Monday that 98 percent of its UK subsidiary's non-India investment book is rated investment grade and above.

"ICICI Bank UK Plc has zero exposure to US sub-prime credit, whether directly or through credit derivatives such as collateralised debt obligation (CDO) or credit linked note (CLN) or credit default swap (CDS)," the statement said.

About 98 percent of ICICI Bank UK Plc's non-India investment book of $3.5 billion (140 billion) is rated investment grade and above by global rating agencies such as Standard and Poor (S&P), Moody's or Fitch, it said.

"About 89 percent is rated A- and above by S&P, Moody's, Fitch," it said adding, "Only about 18 percent of ICICI Bank UK Plc's non-India investment book is exposure to the US."

"In addition, ICICI Bank UK Plc holds cash equivalent instruments - inter-bank placements and certificates of deposit - of $1.1 billion," the statement said, adding: "There is no exposure to US banks in this category."

The bank said its UK arm has a total balance sheet size of $8.5 billion, and has zero non-performing loans on the balance portfolio of $3.9 billion.

As on the last balance sheet date of June 30, 2008, the bank's UK arm had a capital adequacy ratio of 17.4 percent, the statement said.
Source: IANS
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