10 Oct, 2008, 1348 hrs IST, ECONOMICTIMES.COM
NEW DELHI: ICICI Bank is facing no liquidity crisis and has as much as Rs 12,000 crore liquidity even in international markets and the bank does not
use rupee liquidity to fund the growth of its international operations, according to ICICI Bank Joint Managing Director and CFO Chanda Kochhar.
Stepping in to dispel rumours that led to a near 26 per cent dip in the ICICI Bank stocks on Friday, Kochhar said: "We have no sizable international investments and the ones that are present are in the form of international loans to Indian companies to fund their international operations. As far as the UK subsidiary is concerned, yes we have investments but the exposure is very small for a company with a networth of Rs 47,000 crore."
Commenting on rumours that ICICI Bank's exposure is large as it has given easy loans with inadequate collaterals in form of shares, and with the shares taking a beating, the Bank's loss may be more than is made obvious, Kochhar said: "All the loans are secure and we have enough cash against them that will help us tide over any uncertainly in their share values. Our NPAs are zero even in the UK subsidiary and we have a cash collateral of $45 million from Bumi on a loan amount of $100 million, which is being cited as a risky case for ICICI Bank in UK," she added.
Stepping in to dispel rumours that led to a near 26 per cent dip in the ICICI Bank stocks on Friday, Kochhar said: "We have no sizable international investments and the ones that are present are in the form of international loans to Indian companies to fund their international operations. As far as the UK subsidiary is concerned, yes we have investments but the exposure is very small for a company with a networth of Rs 47,000 crore."
Commenting on rumours that ICICI Bank's exposure is large as it has given easy loans with inadequate collaterals in form of shares, and with the shares taking a beating, the Bank's loss may be more than is made obvious, Kochhar said: "All the loans are secure and we have enough cash against them that will help us tide over any uncertainly in their share values. Our NPAs are zero even in the UK subsidiary and we have a cash collateral of $45 million from Bumi on a loan amount of $100 million, which is being cited as a risky case for ICICI Bank in UK," she added.
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