Financial Daily from THE HINDU group of publications
Tuesday, Dec 03, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 03, 2002 |
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Money & Banking
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Private Banks ICICI Bank plans to save Rs 880 cr via new plan Our Bureau
NEW DELHI, Dec. 2 ICICI Bank is looking at a modest 8-10 per cent growth in business and hopes to save about Rs 880 through its asset asset-liability restructuring. It is planning to retire high-cost debt worth Rs 22,000 crore with low-cost deposits. The ICICI Bank Joint Managing Director, Mr H.N. Sinor, told presspersons on the sidelines of a banking seminar, organised by Indian Institute of Bankers, that the bank would have to redeem ICICI Bonds, carrying an average 11 per cent rate of interest amounting to about Rs 22,000 crore by this financial year. Already Rs 11,000 crore had been redeemed. ``By substituting this high-cost bonds with low-cost deposits averaging 7.0 per cent, we would be able to save four per cent in the process,'' Mr Sinor said adding that the bank had to redeem bonds worth Rs 23,000 crore in 2003-04.
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