Hum abhi bhi hain na - ICICI

ICICI Bank said that it was aware that rumours were being repeatedly circulated in certain centres regarding the financial strength of the bank. It stated that these rumours were baseless and malicious. The bank reiterated that ICICI Bank has a very strong capital position, having proactively raised Rs200bn (about US$5bn) in June 2007, almost doubling its capital base. It has a networth of over Rs470bn (over US$10bn) and a capital adequacy ratio of 13.4% as at June 30, as against the regulatory requirement of 9%. This reflects the healthy capital position and comfortable level of leverage. ICICI Bank also said that it's banking and non-banking subsidiaries are also well-capitalised.

ICICI Bank also clarified that 98% of ICICI Bank UK Plc's non-India investment book of US$3.5bn is rated investment grade and above. Only about 18% of ICICI Bank UK's non-India investment book is exposure to the US. ICICI Bank UK has zero exposure to US sub prime credit, whether directly or through credit derivatives such as CDO/CLN/CDS. In addition, ICICI Bank UK holds cash equivalent instruments of US$1.1bn. There is no exposure to US banks in this category. ICICI Bank UK has a total balance sheet size of US$8.5bn and has zero NPLs on the balance portfolio of US$3.9bn. As on the last balance sheet date of June 30, ICICI Bank UK had a capital adequacy ratio of 17.4%.