ICICI Bank: Clarifies 98% of ICICI Bank UK PLC'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 CDOI CLNI CDS.
  • About 98% of ICICI Bank UK PLC's non-India investment book of USD 3.5 billion is rated investment grade and above (by S&PI Moody'sl Fitch). About 89% is rated A- and above (by S&PI Moody'sl Fitch).
  • Only about 18% of ICICI Bank UK PLC's non-India investment book is exposure to the United States.
  • In addition, ICICI Bank UK PLC holds cash equivalent instruments (inter-bank placements and certificates of deposit) of USD 1.1 billion.
  • There is no exposure to US banks in this category.
  • ICICI Bank UK PLC has a total balance sheet size of USD 8.5 billion and has zero NPLs on the balance portfolio of USD 3.9 billion.
  • As on the last balance sheet date of June 30, 2008, ICICI Bank UK PLC had a capital adequacy ratio of 17.4%.
Source : IndiaPRwire.com
Hence ICICI Bank customers need not worry about the safety of their deposited money. But ICICI Bank's shareholders may see their value of holding vanishing fast. Yesterday ICICI Bank's ADR lost 10%. 


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