ICICI Bank

ICICI Prudential launches ‘Target Return Fund’

ICICI Prudential launches ‘Target Return Fund’ICICI Prudential AMC, a joint venture between ICICI Bank - one of India's foremost financial services companies, and UK-based Prudential plc - a leading international financial services group, has announced the launch of an open ended equity diversified fund, called the 'ICICI Prudential Target Returns Fund' in the Indian market.

The fund seeks to generate capital appreciation by investing predominantly in equity shares of the large market capitalization companies constituting the BSE 100 index.

Two top-rung executives of ICICI Bank reportedly putting in their papers

ICICI Bank

Substantiating the December 2008 reports that some top-rung executives of ICICI Bank may quit after Chanda Kochhar's appointment as the new CEO and MD, two business chiefs - Renuka Ramnath ICICI Ventures' Managing Director and CEO; and Shikha Sharma, Managing Director of ICICI Prudential Life Insurance - are likely to put in their papers, sooner than later.

ICICI Home Finance begins sale of subordinated bonds to raise Rs 100 crore

ICICI Home Finance begins sale of subordinated bonds to raise Rs 100 croreICICI Home Finance, the housing finance arm of the largest private sector bank in the country, on Thursday began selling subordinated bonds to raise Rs 100 crore.

The latest move was taken by the company to meet its fund requirements.

According to company official, the amount is being raised as subordinated debt and carries a coupon rate of 9.75 per cent, payable annually. The issue will close on April 20.

ICICI Securities Primary Dealership, ICICI Bank and IDFC-SSKI are reported as arrangers to the deal.

3i Infotech enters strategic partnership with ICICI, Airtel and Max New York

3i Infotech enters strategic partnership with ICICI, Airtel and Max New YorkSoftware services firm 3i Infotech Ltd. has entered into strategic partnerships with ICICI Lombard, Airtel and Max New York Life to offer a comprehensive range of services to rural consumers under the I-SERV brand.

It may be noted that through I-SERV stores, consumers especially in remote rural areas will get an access to a range of value added services that will improve their quality of life. These stores will deliver services related to Banking, Insurance, Mobile, Education, Ticketing and Utilities.

‘Health Saver products’ launched by ICICI Prudential Life Insurance

‘Health Saver products’ launched by ICICI Prudential Life InsuranceHealth Saver is a new product launched by ICICI Prudential Life Insurance on this Monday. With the launch of this product now the consumers can afford their current healthcare expenses & can invest for their future health care needs. This product also gives tax benefits under section 80D on the entire premium paid.

ICICI Bank inks ‘Bill-Payment Pact’ with BSNL

ICICI Bank inks ‘Bill-Payment Pact’ with BSNLThe country’s largest private sector lender ICICI Bank has informed that it has entered into an agreement with BSNL Cell One to enable the latter's customers pay their bills through ICICI Bank's Web site.

Under the facility, the subscriber will be able to view their billing details on the Internet and pay accordingly by clicking a button. Their account will be debited for the billing amount and the proceeds shall be remitted to the BSNL.

Fitch indicates Downward Trend in ICICI Bank Individual Ratings

Fitch indicates Downward Trend in ICICI Bank Individual Ratings

The Rating Agency Fitch, came out with a warning on ICICI Bank’s fall in individual and support ratings for the first time. The Agency retained a BBB-grade on ICICI Bank’s long-term foreign currency Issuer Default Rating (IDR). The country’s second-largest lender’s individual rating and support ratings were affirmed at ‘C’ and ‘2’, respectively, and both these ratings are currently facing downward pressure.

ICICI Bank inks $ 250 million pact with Export-Import bank of US

ICICI Bank, India's second largest bank, has entered into an USD 250-million agreement with Export-Import Bank of United States (Exim Bank) to finance capital goods imports of Indian corporates from USA.

The pact, which is an extension of Indian infrastructure facility of Exim Bank, will provide credit support to international banks for financing of capital goods imports by Indian companies.

This latest agreement will particularly benefit companies in sectors such as power, transport, airports, oil & gas and renewable energy.

ICICI Lombard joins hand with US-based UnitedHealth Group

ICICI Lombard Insurance signs pactICICI Lombard, Country's second-largest health insurer, is partnering with US-based UnitedHealth Group, to provide health insurance products to Indian travelers.

Under the agreement, any of ICICI Lombard's 1.6 million policyholders traveling to the US will get access to UnitedHealthcare's preferred provider network as well as medical management and organized resources that align to their health needs.

Global Subprime Crisis Hit ICICI Bank Hard

In the sub prime crisis, ICICI Bank has lost $264 million (Rs 1056 crore) till ICICI BankJan 2008, because of its exposure to credit derivates and investments out of the country.

In a written reply to a query in Parliament, Pawan Kumar Bansal, Minister of state for finance stated that the country’s largest private banking institution had reported the market-to-market (MTM) loss following the sub prime mortgage crisis

The bank also cleared that the investment losses as a result of unfolding global subprime crisis could erase around 9% of this year’s profit.

ICICI Bank Opens Branch In US

ICICI Bank, India's largest private sector bank, has once again taken giant K.V.Kamathstep to boom in the banking sector.

The bank has opened its first branch in the United States at posh midtown New York with the view to provide services to US employees of large Indian companies like Infosys and Tata Consultancy Services there.

Mr. K V Kamath Managing Director and CEO of ICICI bank said, “New York has the deepest pool of capital, and by operating here, we will grow our business.”

ICICI Bank Opens Branch In Frankfurt

In order to capture a share in the German market for online and telephone banking, ICICI Bank UK, a wholly-owned subsidiary of ICICI Bank has opened a branch in the financial centre of Frankfurt.

Chief Executive Kundapur Vaman Kamath said, “Germany, as Europe's largest economy, is an important step in the international expansion strategy of ICICI Bank.”

The new branch, member of the Association of German Banks, will concentrate on serving corporate business groups with substantial Germany-India relationships.

ICICI reveals listing plans, Stock touches lifetime high

The country's ICICI Bankbiggest private sector lender ICICI Bank has finally disclosed its plans to list four subsidiaries.

The process would start with the listing of India`s biggest private sector lender, brokerage arm ICICI Securities which is excepted to hit the stock market soon.

While replying to a query on whether the first of the subsidiaries would hit the market in next three to six months, ICICI Bank MD and CEO KV Kamath said, "I would think that six-month period is a fair expectation... we have not yet taken the board approval."

ICICI to Employ over 20,000 Annually

ICICI BankICICI Bank, the country’s second-biggest banking group, plans to hire 20,000-30,000 staff in the current fiscal.

The bank would employ between 75,000 and 1,00,000 direct employees in the coming years. If indirect staffs that comprise insurance agents are added, the bank’s total employee force would be about half-a-million in some years.

KV Kamath, Managing Director and CEO, ICICI Bank said the banking group its realty needs accordingly.

ICICI Bank Enters Pact With MITCON

ICICI BankChennai: For offering up one-stop answer to business firms for Clean Development Mechanism (CDM) projects and Carbon Credit business, ICICI Bank has signed up a Memorandum of Understanding (MoU) with MITCON Consultancy Services Limited.

According to the company release the novel deal would assist several SME units, who would be capable of availing a full services package through direction from consistent partners with confirmed knowledge in the Carbon Credit business with the backing of ICICI Bank.

Stay invested in ICICI Bank for Long Term, Says Agarwal

Rajesh Agarwal ICICI Bankof CD Equisearch has suggested the shareowners to stay invested in ICICI Bank for long term.

Agarwal told, “In ICICI Bank funds, but because of interest rates stabilizing the margins will be better this time. It is currently quoting at a PE of 28, I think the bank has a very good long-term prospect and one could hold for a long term. The price target would be in the range of Rs 1,100-1,150 in a period of 6-9 months.”

ICICI Bank Net Jumps 25% On Strong Investment Banking

ICICI BankICICI Bank registered 25% growth in net profit to Rs 7,750.80 million for the first quarter ended June 2007 as against Rs 6,200.1 million in the same quarter of the last year (2006).

The operating income of the India’s biggest private sector lender ascended 50.16% to Rs 75,661.30 million for the quarter from Rs 50,386.30 million in the corresponding quarter, last year.

In comparison, total income for the same period also climbed 46.94% to Rs 92,814.20 million from Rs 63,161.9 million. The earnings per share (EPS) for the same period arose 23.7% to Rs 8.61.

ICICI Bank will be in list of top 100 global FIs

Raising $5 ICICI Bankbillion through a follow-on equity offering may see the country’s largest private sector entity, ICICI Bank breaking into the top 100 financial institutions in the world, in terms of market capitalisation. The bank, whose current market capitalisation is $18.89 billion (Rs 77,834 crore), presently stands at the 111th position among the top 150 financial institutions in the world, when compared on an m-cap basis. Raising $5 billion through the equity offer will take ICICI Bank to a position of 84 in this list.




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