Key Developments: ICICI Bank Ltd (ICBK.BO)

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Latest Key Developments (Source: Significant Developments)

ICICI Bank Ltd Announces Selling Of Seven Years Bonds-The Economic Times
Tuesday, 11 Dec 2012 05:10am EST 

The Economic Times reported that ICICI Bank Ltd is aiming to raise at least CHF100 million via a seven year bond sale. The Company has set guidance at 228 basis points over midswaps, with a fixed coupon of 2.75 per cent, the source added. The issuance is rated 'Baa2' by Moody's and 'BBB' by S&P. Deutsche Bank is the sole arranger of the deal and the book will remain open until the end of the day.  Full Article

ICICI Bank Ltd Raises INR440 Crore (INR4.40 Billion) In Hong Kong Bond Market-The Economic Times
Thursday, 15 Nov 2012 06:30pm EST 

The Economic Times reported that ICICI Bank Ltd has raised 500 million in Chinese yuan (INR4.40 billion) in the so-called Dim Sum bonds market in Hong Kong, as rates softened amid changes in the Chinese leadership. The 2015 maturing bond will have a coupon of 4.66%, taking the total the bank raised through this to a billion Chinese Renminbi. The sale comes amid easing of liquidity pressures in Hong Kong that led to Deutsche Bank lowering of forecast for such bonds this year. The bond was sold to yield 4.6%, 35 basis points lower than the secondary trading at 5%. Indian companies are diversifying their borrowings in currencies other than the US dollar as the trade within the region gains and that funds are available at attractive rates.  Full Article

ICICI Bank Ltd Selling Additional 2015 Yuan Bonds-The Economic Times
Thursday, 15 Nov 2012 03:14am EST 

The Economic Times reported that ICICI Bank Ltd is selling a benchmark-sized re-opening of its 4.9 per cent September 2015 yuan-denominated bonds. ICICI has set initial guidance at around 4.755 per cent. HSBC and Standard Chartered are the arrangers.  Full Article

ICICI Bank Ltd and Vodafone Group Plc's Subsidiary To Jointly Offer Mobile Payment Service-Business Standard
Thursday, 8 Nov 2012 05:34am EST 

Business Standard reported that ICICI Bank Ltd said it has formed an alliance with and Vodafone Group Plc's Vodafone India to offer mobile money transfer and payment service. The partnership aims to leverage the strengths of Vodafone's distribution reach and security of financial transactions provided by ICICI Bank.  Full Article

ICICI Bank Ltd Launches Second Branch In Hong Kong-Business Standard
Thursday, 1 Nov 2012 04:06am EDT 

Business Standard reported that ICICI Bank Ltd has opened its second branch and first high street branch in Hong Kong. The new branch is located and it will provide Hong Kong residents and non-resident Indians (NRIs) comprehensive access to the bank through products and services like term deposits, current accounts, remittance services and NRI services.  Full Article

ICICI Bank Ltd Ties Up With Ecobank Transnational Incorporated- Business Line
Sunday, 14 Oct 2012 08:00pm EDT 

Business Line reported that ICICI Bank Ltd has entered into a memorandum of understanding (MoU) with Ecobank Transnational Incorporated (Africa). The MoU will involve ICICI Bank and Ecobank collaborating to extend banking services across their combined footprint in India and Africa. India‚Äôs trade with Africa has doubled in the past four years. Stronger investment ties are complementing this steady growth in trade with Indian investments in Africa across a range of sectors including oil & gas, pharmaceuticals, petrochemicals, fertilisers, IT and infrastructure.  Full Article

ICICI Bank Ltd Fined For Violation of Anti-Money Laundering Norms- THE TIMES OF INDIA
Wednesday, 10 Oct 2012 01:41am EDT 

THE TIMES OF INDIA reported that ICICI Bank Ltd have been penalised INR 55 lakh and INR 30 lakh respectively by Reserve Bank of India (RBI) for not adhereing to anti-money laundering norms while opening new accounts. In a statement issued here on RBI said that the penalties have been imposed on the banks for contravention of various directions and instructions issued by the RBI on 'Know Your Customer (KYC) norms/Anti-Money Laundering ( AML) Standards/Combating of Financing of Terrorism (CFT)/Prevention of Money Laundering Act, 2002', such as failure to obtain adequate documents for opening accounts, failure to carry out sufficient customer identification procedures, failure to examine control structure of entities, failure to ascertain the identification of natural persons behind entities, failure to carry out effective enhanced due diligence, failure to carry out appropriate risk categorisation and delay in filing the Suspicious Transaction Reports. The RBI had issued Show Cause Notices to these banks and in response thereto, the banks had submitted their written replies. On a careful examination of the banks' written replies and the oral submissions made during the personal hearings, the RBI found that the violations were established and the penalties were accordingly imposed.  Full Article

ICICI Bank Ltd Selling Three Year Yuan Bonds At Around 5.1%-The Economic Times
Friday, 14 Sep 2012 03:33am EDT 

The Economic Times reported that ICICI Bank Ltd is seeking to sell benchmark-sized three year yuan bonds. The lender, acting through its Singapore unit, is set to sell the bonds at an initial price guidance of around 5.1%. HSBC and Standard Chartered Bank are the lead managers of the sale.  Full Article

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