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Mayank Patel - Currencies Direct (01/07)

Mike Jatania - Lornamead Group (01/07)

ICICI Bank loses $264 million to sub-prime crisis
Mumbai, March 4, 2008 (IANS)

India's leading private bank ICICI Bank has suffered losses of over $264 million due to the sub-prime mortgage meltdown in the US, the highest loss reported by an Indian bank. Minister of State for Finance P.K. Bansal told the Indian parliament that owing to the sub-prime crisis in US markets, ICICI Bank's international operations had suffered losses amounting to nearly $264.34 million as on Jan 31, 2008.

The bank's stocks crashed more than 9 percent before trimming losses at the end of trading. It opened at Rs.1,021 a share at the National Stock Exchange and closed the day at Rs.971, down 5.22 percent. At the Bombay Stock Exchange, its shares closed at Rs.971.60, losing 5.16 percent of its previous close of Rs,1,024.45.

The bank however said in a statement that there was no material exposure of the bank in overseas market and most of this amount has been accounted for till December 2007. "The bank and its overseas subsidiaries have an aggregate exposure of $2.2 billion in credit derivatives," the bank said. It also stated that it had already provided for $90 million and would provide for another $70 million towards these losses.

A total of 45 of the world's financial institutions have lost $181 billion related to investments tied to rising defaults on US home loans.