ICICI Bank UK Ltd, the London-based subsidiary of ICICI Bank, is raising $75 million through a three-year syndicated loan. | |
| The funds raised will be utilised to for expansion of business operations in the United Kingdom. |
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| ICICI Bank has provided a letter of comfort for the loan. |
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| The loan syndication is expected to close in the first half of January 2005. Details like interest rate to be offered are still being decided, an ICICI spokesman said. |
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| ICICI Bank's Singapore branch had earlier this year raised $150 million three-year loan. |
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| ICICI Bank has also filed a shelf prospectus with the Luxembourg Exchange for issue of $1 billion in medium term notes (MTN) for its overseas branch expansion. |
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| It raised $300 million under the MTN programme in August with a five-year bond offering. |
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| ICICI Bank UK launched its operations in November 2003 with its first branch at Knightsbridge, London. ICICI has a tie-up with Lloyds TSB whereby its customers can open and access their current and savings accounts through the 2,200 branches of the UK bank. |
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| It is targeting three business areas: small and medium corporates in the UK, trade finance in support of trade flow between the UK and India and corporate finance and syndication. |
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