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UK subsidiary not into sub-prime loans: ICICI

UNI
Sep 29, 2008 at 05:50pm IST

Mumbai: ICICI Bank on Monday said its subsidiary ICICI Bank UK has no investments in US sub-prime loans, whether directly or through credit derivatives.

In a clarification, the bank said 18 per cent of the UK subsidiary's non-investment Book was exposed to the US with 98 per cent of the UK subsidiary's non India investment book of USD 3.6 billion was rated investment grade and above.

ICICI Bank UK held cash equivalent instruments of $1.1 billion, with no exposure to US banks.

BANK ON US: India's largest bank issues press statement on UK subsidiary.

The subsidiary had a total balance sheet size of USD 8.5 billion and has zero per cent non performing liabilities on the balance portfolio of $3.9 billion as on June 30, the subsidiary had a capital adequacy ratio of 17.4 per cent

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