ICICI Bank needs to raise $1 bn: Kochhar

ICICI Bank needs to raise $1 bn: Kochhar
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First Published: Thu, Apr 30 2009. 06 32 AM IST
Updated: Thu, Apr 30 2009. 05 38 PM IST
Mumbai: ICICI Bank Ltd needs to raise $1 billion (around Rs5000 crore) to cover half the liabilities at its global operations coming due this year, chief executive officer-designate Chanda Kochhar said.
“We have $2 billion to repay; $1 billion is coming out of the asset maturities. So the rest we have to raise. Raising doesn’t necessarily mean bonds, we could just raise deposits and pay off the remaining liabilities,” Kochhar, 47, said in an interview in Mumbai on Wednesday.
ICICI will fund growth in the overseas businesses from raising retail deposits, and avoid sales of bonds and interbank borrowing, said Kochhar.
ICICI racked up the biggest losses among Indian lenders tied to the global financial crisis due to soured overseas investments including securities of Lehman Brothers Holdings Inc.
“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, who takes over the top position on Friday.
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First Published: Thu, Apr 30 2009. 06 32 AM IST