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ICICI
Bank to raise $1bn syndicated loan
Mumbai: India's biggest private bank , is planning
to raise a $1 billion overseas syndicated loan. This is
the third time in four months that the bank will tap the
overseas market for funds.
Fourteen
banks have been mandated to arrange the loan and the pricing
is likely to take place by early next week. The amount
will be raised in tranches. In the first tranche, the
bank plans to raise $400 million, followed by $350 million
in the next tranche.
The
bank will use the funds to maintain its growth momentum
in lending. The bank's net customer assets grew 47 pc
to Rs1,63,785 crore at the end of September 2006 from
Rs1,11,514 crore a year earlier.
The
loan portfolio of the bank's international branches (including
foreign currency financing to Indian companies) increased
56.25 pc to about Rs15,000 crore in the second quarter
of the year from Rs9,600 crore in the year-ago period.
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Union
Bank, IL&FS in strategic alliance
Union Bank of India and IL&FS have signed a Memorandum
of Understanding which aims to establish a platform for
providing banking and custodian-cum-demat services to
Foreign Institutional Investors (FIIs), investing in Indian
Capital Market.
The
alliance is envisaged between the two entities, primarily
for the purpose of tapping business opportunities generated
from investments made by FIIs in Indian Capital Market.
With sustained growth in economy and benchmark stock indices
reaching record highs, strong interests from FIIs are
likely to continue in the coming years too. Under the
arrangement, IL & FS will jointly offer Banking and
Custodial Services to FII clients. While IL&FS will
play the role of Domestic Custodian to the FII clients
and shall undertake the settlement of the FII trades executed
on the Exchanges and provide electronic safe-keeping and
corporate action management of their Investments, Union
Bank will act as Banker to the FIIs and manage the remittance
of funds, computation of tax and other related banking
activities.
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Price
stability to be focus of RBI
New Delhi: The Reserve Bank of India (RBI) plans to
focus on price stability so that there is possibility
of lower interest rates in the medium term said deputy
governor of RBI Rakesh Mohan.
"Our
effort clearly is to administer the system so that we
have price stability. With greater stability it is possible
to have lower interest rates in the medium term,"
Rakesh Mohan, deputy governor of RBI, said at a conference
on cash, treasury and risk management in India.
Interest
rates can fall in the medium term if intermediary and
transaction costs fall. The central bank aims to maintain
price and financial stability, he said.
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Yes
Bank gets shareholders nod for raising capital
Mumbai: Yes Bank has secured the approval of its shareholders
to issue 10 million equity shares to Swiss Reinsurance
Company, Zurich, Switzerland (Swiss Re), at Rs120 per
share aggregating to an investment of Rs 120 crore (approximately
$26.5 million) with a lock-in period of one year. The
resolution enables the bank to increase its share capital
to 280 million shares on receipt of regulatory approvals.
This new Tier I issuance constitutes 3.57 per cent of
the expanded share capital of the bank.
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PSU
banks on marathon ATM drive at stations
New Delhi: Punjab National Bank (PNB), Bank of Baroda
(BOB) Indian Bank, Canara Bank, Dena Bank and Union Bank
of India will sign a memorandum of understanding (MoU)
with Indian Railways to set up 711 ATMs at railway stations
across the country.
This
is the second biggest MoU for the railways after State
Bank of India signed an agreement with it in August to
install ATMs at 681 stations across the country with e-ticketing
facility at 383 major stations in association with the
Indian Railway Catering and Tourism Corporation.
Out
of the 711 ATMs, 473 ATMs will have e-ticketing facilities.
PNB and Indian Bank will set up 51 ATMs each.
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