New Delhi: The country’s largest private sector lender ICICI Bank has emerged as the top bank in Asia Pacific for project financing with deals worth $ 2.3 billion this year so far, a report says.
ICICI Bank accounted for about 10.2% of the market in Asia Pacific with seven deals, according to global financial data provider Dealogic.
The bank is followed by China’s Industrial and Commercial Bank with $ 1.6 dollar through three deals for a 6.9% share of the market, the data show.
Overall, in the Asia Pacific region, projects worth $22.9 billion have been financed through 49 deals in 2007 so far, down 8% when compared to $24.8 billion by way of 69 deals in the corresponding period last year.
Interestingly, China is the most active Asia Pacific nation for project financing with volume of $ 6.9 billion, while Australia ranks second with $ 5.6 billion so far.
Besides, Indian corporate behemoth Reliance Industries is among the top five project financing borrowers in Asia Pacific. RIL has borrowed funds worth $ 2,500 million through two deals while China’s National Offshore Oil Corporation has raised funds to the tune of $ 2,907 million in same number of deals.
Other top project financing borrowers include Fujian Refining and Petrochemical Co Ltd and Korean GK Fixed Link Corp.