May

1

ICICI Bank needs to raise $1bn for FY2010 liabilities: Chanda Kochhar

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ICICI Bank needs to raise $1 billion to meet the liabilities at the bank’s global operations due this year, said new CEO Chanda Kochhar. Out of the total $2 billion due to repay, half of the amount will be met through the assets maturities while the rest could be through deposits. ICICI will fund growth in the overseas businesses through raising retail deposits and avoid sales of bonds and interbank borrowing, said Kochhar.

“The rate of growth of that business is definitely going to be very different; in the past, that business has grown 50-60% for us,”‘ said Kochhar. “In the coming year, the growth rate is going to be very moderated” as Indian companies pare back their plans of overseas expansion as well as acquisition, she said. [source : Asian Cerc]

Sep

1

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