Description
The document talks about how ICICI Bank faced crisis in 2008 after the subprime crisis and how it handled it by taking steps.
2008
ICICI Bank: Battle for Survival
SBM, NMiMS University 10/25/2008
ICICI Bank: Battle for Survival
TABLE OF CONTENTS
INTRODUCTION ............................................................................................................................................ 3 GLOBAL FINANCIAL CRISIS ........................................................................................................................ 3 IMPACT ON INDIAN ECONOMY .................................................................................................................... 4 ICICI BANK - BATTLE FOR SURVIVAL ........................................................................................................ 5 ICICI Brand Image ................................................................................................................................... 5 Impact on ICICI of Financial Crisis .......................................................................................................... 6 Customer Behaviour: ................................................................................................................................ 6 Steps taken by ICICI Bank ....................................................................................................................... 7 REFERENCES ................................................................................................................................................. 9
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ICICI Bank: Battle for Survival INTRODUCTION
The rising defaults on the subprime mortgages in the U.S. triggered a global crisis for money markets. The crisis has become one of the most radical reshaping of the global banking sector, as governments and private sector battle to shore up the financial system following the disappearance of Lehman and Merrill Lynch as independent entities and the $85 bn government rescue of AIG. The crisis has not only impacted the U.S. economy but its effects can be felt all across the globe from many regulators clamping down on short selling and governments ensuring stability by guaranteeing the deposits in private sector banks. In spite of the various measures there is wide spread fear of an economic downturn and recession in the global economy. Recent bank runs in Bank of East Asia and ICICI Bank are only indicators to the widespread impact of the global crisis not only on the financial markets but also on the household sector.
GLOBAL FINANCIAL CRISIS
The current financial turmoil is rooted in the subprime crisis. Mortgage brokers provided housing loans to borrowers with poor credit in order to earn big commissions. Banks and financial institutions often repackaged these debts with other high-risk debts and sold those to world-wide investors creating financial instruments called CDOs or collateralized debt obligations. The default of these mortgages and the subsequent foreclosure created a huge deficit among the owners of these banks and financial institutions. The loss of investor confidence in the value of securitized mortgages in the U.S. which were owned by these Banks and Financial Institutions is the reason for the current credit crunch. Initially the companies affected were those directly involved in home construction and mortgage lending such as British Bank Northern Rock and U.S. Company Countrywide Financial. Financial institutions which engaged in securitization of mortgages such as Bear Sterns were next in line. Bear Stearns was acquired by JP Morgan Chase for less than $2 per share- less than one-tenth the firm’s market price. Subsequently IndyMac Bank the largest mortgage lender in the U.S. collapsed and its assets were seized by federal regulators also Freddie Mac and Fannie Mae were placed under federal conservatorship which accelerated the crisis. The general availability of credit to non housing related businesses and to larger financial institutions not connected with mortgage lending also began to be impacted. At the heart of many of these institution portfolios were investments whose assets had been derived from bundled home mortgages. Lehman Brothers filed for bankruptcy. Merrill Lynch was sold to Bank of America (BoA) for $29 a share at a value of $50 bn. Washington Mutual (Wa Mu) sold its banking operations to JP Morgan and then later filed for bankruptcy. AIG was rescued by a huge package of $85 bn by the U.S. Government.
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ICICI Bank: Battle for Survival
The recent efforts by the U.S. Treasury Department along with Federal Reserve to promote Troubled Asset Relief program (TARP) is being viewed by many as only a beginning to a huge rescue package to be doled out by the U.S. government to bring back investor confidence and prevent a economic recession.
IMPACT ON INDIAN ECONOMY
Indian economy though fared well during the early years of the subprime crisis has seen some tumultuous events in the recent time. The events in the U.S. economy and the world over have impacted the stock market the worst. Investor confidence is at an all time low due to the pulling out of FDI to have sufficient liquidity in their home countries. Credit is more expensive with even PSU banks raising money at the rate of 11.5% which in turn has lead to lending rates of 16% and above which has limited the option of many industries looking to raise fresh capital. At the heart of the problem lie the question of liquidity and confidence which are highly dependent on the steps taken by the government and Reserve Bank. The recent cut in repo rate and CRR was a way to introduce liquidity in the market but with FII pulling out and many projects stuck midway due to lack of funding is a major threat to the Indian economy. Also Lehman Brothers and Merrill Lynch had invested substantially in the stocks of Indian Banks which in turn had invested in derivatives which may have exposure to the subprime crisis. PSU banks like Bank of India, Bank of Baroda have exposure towards derivatives. ICICI bank is the worst hit as of now. With Lehman Brothers filing for bankruptcy in the US, the country’s largest private bank ICICI Bank is expected to lose approximately $80 million (Rs 375 cr), invested in Lehman’s bonds through the bank’s UK subsidiary. The meltdown is also expected to hit Axis bank but the impact is not clear yet. Also Lehman Brothers Real Estate Partners had given Rs 740 cr to Unitech Ltd for its mixed use development project in Santa Cruz. Lehman Brothers had also signed a MoU with Peninsula Land Ltd-a Ashok Piramal real estate company-to fund the latter’s projects to the tune of Rs 576 cr. Another major real estate organisation whose valuations are affected by this meltdown is DLF Assets in which it had invested $200 million.
Due to unavailability of a complete picture and actual exposure of Indian banks to the subprime crisis it has lead to wide spread speculations and rumours and loss of investor and depositor confidence. The impact on the Indian economy has been minimized due to its late entry into the global market and less exposure to the subprime crisis and also by proactive steps taken by the RBI and Government to increase liquidity in the market. But with the Indian economy growth majorly biased towards the services sector whose major clientele are U.S. clients it may take some time before the impact of the global financial crisis on the Indian economy unfolds.
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ICICI Bank: Battle for Survival ICICI BANK- BATTLE FOR SURVIVAL
ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Unites States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
ICICI Brand Image
According to Asia Pacific’s Top 1000 Brands’ survey 2008 ICICI has been named as the top brand in both banks and credit cards segment. ICICI Bank has focused on achieving the status of one stop shop, a universal bank and a financial supermarket catering to different needs of customers ranging from large multi-crore corporation to a common man on the street. According to K V Kamath, CEO ICICI Bank “We want to be a global organization in the domestic market.” ICICI Bank has always been on the lookout for new opportunities and technology. This has helped the company to better manage non-market and other risks and to better serve the customers. The participation of employees in the activities of the company is a key to success and growth of ICICI Bank. The company has been able to retain the best people through a combination of training and performance linked compensation. ICICI Bank has been a leader in attracting new customers using its strong and wide sales distribution team as well as a leader in credit cards in India. Also ICICI Bank has continually shaped the technology norms in the banking industry in India. It has one of the largest ATM
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ICICI Bank: Battle for Survival
network in India. It has one of the most widely used website among the banking sector in India. It also was the First Round Winner from India for World’s Best Internet Banks competition in Asia organized by Global Finance magazine. Recently ICICI Bank launched iMobile services a mobile banking platform on mobile phones and the service is free for customers. Such services have made ICICI a leading brand for customers.
Impact on ICICI of Financial Crisis
Due to the major adverse impact of the financial crisis on the global market, people started speculating the same impact on the Indian economy as well. It started when there was a huge rumour that India’s largest private sector bank, ICICI Bank, has also gone bankrupt like Lehmann Brothers and Merrill lynch. Many of the customers started withdrawing lot of money from the ATMs and there were huge queues there. There were panic among people and the queue came up to the roads. These rumours led the stocks to fall in the stock market with ICICI stock reaching an all time low price of 326. Also, ICICI’s UK subsidiary, UK PLC was in the news recently about its investments in the instruments of the bankrupt Lehman Brothers. However, the bank was quick to clarify that UK PLC had no exposure to the US subprime credit. It stated that the subsidiary’s non-India investment book has been estimated at $3.5 billion, and about 89 per cent of those investments are rated A- and above by Standard & Poor’s, Moody’s and Fitch. “Only about 18 per cent of ICICI Bank UK PLC’s non-India investment book has exposure to the US. The bank has a total balance sheet size of $8.5 billion and has zero non-performing loans on the balance portfolio of $3.9 billion,” an official statement by ICICI Bank said. The damage done by this speculation and rumour were huge as it needed the government and RBI to intervene to allay fears of the depositors about the stability and high capitalization of ICICI Bank.
Customer Behaviour:
There were mixed reactions from the customers regarding the ICICI rumours. While some of them continued to instill their faith in the bank, many others believed in the rumours and started bad mouthing against the bank. The bank run witnessed by the Bank made it clear that an immediate action was needed to be taken to avoid major damage to the reputation and standing of the bank. Also the speculation in the media made no efforts to help ICICI restore customer confidence. With a similar incident which had occurred in 2003 in Gujarat one expected that the Bank would be better prepared to handle such a crisis. Blogs were one of the media through which people expressed their views on the issue. On a website designed especially for this purpose, some people wrote against the bank and questioned the bank’s action of putting the online transactions on hold and ATMs blocked, immediately after the rumours started flowing. However, the Bank Service Team was quick to respond, through the same medium, that the Indian banking system is well regulated and significantly insulated from global developments. And thus there was no need for the customers to panic.
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ICICI Bank: Battle for Survival
Steps taken by ICICI Bank
ICICI Bank in the event of the above crisis tried to dispel the rumors and instill customer confidence by taking various measures. One of the most important steps which it took was seeking the help of the government and Reserve Bank as competent authorities to discredit any false rumors floating about the company. Mr. K. V. Kamath, CEO of ICICI sent out a press release and made a public announcement reiterating the bank’s financial position. He disclosed the current financial position of the bank to indicate that the bank had a very strong capital position and has been very profitable even in the FY2008. He assured the bank customers that the rumors being spread were baseless and malicious in intent.
The above press release was published in the Times of India on 30th September 2008 to indicate that the ICICI UK Plc has zero exposure to U.S. subprime crisis and has zero non performing loans. The rumor had spread widely by SMS and internet websites so ICICI also started a huge counter SMS campaign to allay fears of the customers stating that “Your deposits with ICICI Bank are safe. Your bank is well capitalized, with good liquidity. Please do not listen to baseless rumors. Happy festive season” ICICI Bank also filed a complaint against some brokers and websites that were creating panic among depositors and shareholders by spreading rumors about the financial health of the bank. The complaint was filed before the Additional Commissioner of Police said that “a broker/subbroker (of major securities broker based in Mumbai) had been the origin of various SMS spreading wrong information about the financial health of the bank. Due to these rumors the shares had tumbled more than 20%. ICICI Bank urged independent agencies like Reserve Bank and the Finance Ministry to issue public statements denying the veracity of the rumors and supporting the position of ICICI Bank’s strong credit fundamentals. The RBI and Finance Minister P Chidambaram assured depositors
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ICICI Bank: Battle for Survival
that the bank had more than adequate capitalization and was well placed to tide over the crisis and that there was no reason to believe the rumors doing the round.
Also due to the bank run by the depositors the Executive Director of the bank sent personal emails to all the depositors of the bank stating the facts and to assure that they do not take the rumors seriously as ICICI Banks financial health was sound.
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ICICI Bank: Battle for Survival REFERENCES
Web Sites
http://www.icicibank.com/Pfsuser/aboutus/investorelations/pressrelease/icicibank_pressrealease/RBI_ Statement_on_ICICI_Bank_Position.pdf http://sify.com/finance/fullstory.php?id=14588168 http://en.wikipedia.org/wiki/ICICI_Bank http://www.banknetindia.com/banking/icicigain.htm http://en.wikipedia.org
Articles Business Line The Economist Times of India
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doc_369811424.pdf
The document talks about how ICICI Bank faced crisis in 2008 after the subprime crisis and how it handled it by taking steps.
2008
ICICI Bank: Battle for Survival
SBM, NMiMS University 10/25/2008
ICICI Bank: Battle for Survival
TABLE OF CONTENTS
INTRODUCTION ............................................................................................................................................ 3 GLOBAL FINANCIAL CRISIS ........................................................................................................................ 3 IMPACT ON INDIAN ECONOMY .................................................................................................................... 4 ICICI BANK - BATTLE FOR SURVIVAL ........................................................................................................ 5 ICICI Brand Image ................................................................................................................................... 5 Impact on ICICI of Financial Crisis .......................................................................................................... 6 Customer Behaviour: ................................................................................................................................ 6 Steps taken by ICICI Bank ....................................................................................................................... 7 REFERENCES ................................................................................................................................................. 9
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ICICI Bank: Battle for Survival INTRODUCTION
The rising defaults on the subprime mortgages in the U.S. triggered a global crisis for money markets. The crisis has become one of the most radical reshaping of the global banking sector, as governments and private sector battle to shore up the financial system following the disappearance of Lehman and Merrill Lynch as independent entities and the $85 bn government rescue of AIG. The crisis has not only impacted the U.S. economy but its effects can be felt all across the globe from many regulators clamping down on short selling and governments ensuring stability by guaranteeing the deposits in private sector banks. In spite of the various measures there is wide spread fear of an economic downturn and recession in the global economy. Recent bank runs in Bank of East Asia and ICICI Bank are only indicators to the widespread impact of the global crisis not only on the financial markets but also on the household sector.
GLOBAL FINANCIAL CRISIS
The current financial turmoil is rooted in the subprime crisis. Mortgage brokers provided housing loans to borrowers with poor credit in order to earn big commissions. Banks and financial institutions often repackaged these debts with other high-risk debts and sold those to world-wide investors creating financial instruments called CDOs or collateralized debt obligations. The default of these mortgages and the subsequent foreclosure created a huge deficit among the owners of these banks and financial institutions. The loss of investor confidence in the value of securitized mortgages in the U.S. which were owned by these Banks and Financial Institutions is the reason for the current credit crunch. Initially the companies affected were those directly involved in home construction and mortgage lending such as British Bank Northern Rock and U.S. Company Countrywide Financial. Financial institutions which engaged in securitization of mortgages such as Bear Sterns were next in line. Bear Stearns was acquired by JP Morgan Chase for less than $2 per share- less than one-tenth the firm’s market price. Subsequently IndyMac Bank the largest mortgage lender in the U.S. collapsed and its assets were seized by federal regulators also Freddie Mac and Fannie Mae were placed under federal conservatorship which accelerated the crisis. The general availability of credit to non housing related businesses and to larger financial institutions not connected with mortgage lending also began to be impacted. At the heart of many of these institution portfolios were investments whose assets had been derived from bundled home mortgages. Lehman Brothers filed for bankruptcy. Merrill Lynch was sold to Bank of America (BoA) for $29 a share at a value of $50 bn. Washington Mutual (Wa Mu) sold its banking operations to JP Morgan and then later filed for bankruptcy. AIG was rescued by a huge package of $85 bn by the U.S. Government.
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ICICI Bank: Battle for Survival
The recent efforts by the U.S. Treasury Department along with Federal Reserve to promote Troubled Asset Relief program (TARP) is being viewed by many as only a beginning to a huge rescue package to be doled out by the U.S. government to bring back investor confidence and prevent a economic recession.
IMPACT ON INDIAN ECONOMY
Indian economy though fared well during the early years of the subprime crisis has seen some tumultuous events in the recent time. The events in the U.S. economy and the world over have impacted the stock market the worst. Investor confidence is at an all time low due to the pulling out of FDI to have sufficient liquidity in their home countries. Credit is more expensive with even PSU banks raising money at the rate of 11.5% which in turn has lead to lending rates of 16% and above which has limited the option of many industries looking to raise fresh capital. At the heart of the problem lie the question of liquidity and confidence which are highly dependent on the steps taken by the government and Reserve Bank. The recent cut in repo rate and CRR was a way to introduce liquidity in the market but with FII pulling out and many projects stuck midway due to lack of funding is a major threat to the Indian economy. Also Lehman Brothers and Merrill Lynch had invested substantially in the stocks of Indian Banks which in turn had invested in derivatives which may have exposure to the subprime crisis. PSU banks like Bank of India, Bank of Baroda have exposure towards derivatives. ICICI bank is the worst hit as of now. With Lehman Brothers filing for bankruptcy in the US, the country’s largest private bank ICICI Bank is expected to lose approximately $80 million (Rs 375 cr), invested in Lehman’s bonds through the bank’s UK subsidiary. The meltdown is also expected to hit Axis bank but the impact is not clear yet. Also Lehman Brothers Real Estate Partners had given Rs 740 cr to Unitech Ltd for its mixed use development project in Santa Cruz. Lehman Brothers had also signed a MoU with Peninsula Land Ltd-a Ashok Piramal real estate company-to fund the latter’s projects to the tune of Rs 576 cr. Another major real estate organisation whose valuations are affected by this meltdown is DLF Assets in which it had invested $200 million.
Due to unavailability of a complete picture and actual exposure of Indian banks to the subprime crisis it has lead to wide spread speculations and rumours and loss of investor and depositor confidence. The impact on the Indian economy has been minimized due to its late entry into the global market and less exposure to the subprime crisis and also by proactive steps taken by the RBI and Government to increase liquidity in the market. But with the Indian economy growth majorly biased towards the services sector whose major clientele are U.S. clients it may take some time before the impact of the global financial crisis on the Indian economy unfolds.
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ICICI Bank: Battle for Survival ICICI BANK- BATTLE FOR SURVIVAL
ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Unites States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
ICICI Brand Image
According to Asia Pacific’s Top 1000 Brands’ survey 2008 ICICI has been named as the top brand in both banks and credit cards segment. ICICI Bank has focused on achieving the status of one stop shop, a universal bank and a financial supermarket catering to different needs of customers ranging from large multi-crore corporation to a common man on the street. According to K V Kamath, CEO ICICI Bank “We want to be a global organization in the domestic market.” ICICI Bank has always been on the lookout for new opportunities and technology. This has helped the company to better manage non-market and other risks and to better serve the customers. The participation of employees in the activities of the company is a key to success and growth of ICICI Bank. The company has been able to retain the best people through a combination of training and performance linked compensation. ICICI Bank has been a leader in attracting new customers using its strong and wide sales distribution team as well as a leader in credit cards in India. Also ICICI Bank has continually shaped the technology norms in the banking industry in India. It has one of the largest ATM
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ICICI Bank: Battle for Survival
network in India. It has one of the most widely used website among the banking sector in India. It also was the First Round Winner from India for World’s Best Internet Banks competition in Asia organized by Global Finance magazine. Recently ICICI Bank launched iMobile services a mobile banking platform on mobile phones and the service is free for customers. Such services have made ICICI a leading brand for customers.
Impact on ICICI of Financial Crisis
Due to the major adverse impact of the financial crisis on the global market, people started speculating the same impact on the Indian economy as well. It started when there was a huge rumour that India’s largest private sector bank, ICICI Bank, has also gone bankrupt like Lehmann Brothers and Merrill lynch. Many of the customers started withdrawing lot of money from the ATMs and there were huge queues there. There were panic among people and the queue came up to the roads. These rumours led the stocks to fall in the stock market with ICICI stock reaching an all time low price of 326. Also, ICICI’s UK subsidiary, UK PLC was in the news recently about its investments in the instruments of the bankrupt Lehman Brothers. However, the bank was quick to clarify that UK PLC had no exposure to the US subprime credit. It stated that the subsidiary’s non-India investment book has been estimated at $3.5 billion, and about 89 per cent of those investments are rated A- and above by Standard & Poor’s, Moody’s and Fitch. “Only about 18 per cent of ICICI Bank UK PLC’s non-India investment book has exposure to the US. The bank has a total balance sheet size of $8.5 billion and has zero non-performing loans on the balance portfolio of $3.9 billion,” an official statement by ICICI Bank said. The damage done by this speculation and rumour were huge as it needed the government and RBI to intervene to allay fears of the depositors about the stability and high capitalization of ICICI Bank.
Customer Behaviour:
There were mixed reactions from the customers regarding the ICICI rumours. While some of them continued to instill their faith in the bank, many others believed in the rumours and started bad mouthing against the bank. The bank run witnessed by the Bank made it clear that an immediate action was needed to be taken to avoid major damage to the reputation and standing of the bank. Also the speculation in the media made no efforts to help ICICI restore customer confidence. With a similar incident which had occurred in 2003 in Gujarat one expected that the Bank would be better prepared to handle such a crisis. Blogs were one of the media through which people expressed their views on the issue. On a website designed especially for this purpose, some people wrote against the bank and questioned the bank’s action of putting the online transactions on hold and ATMs blocked, immediately after the rumours started flowing. However, the Bank Service Team was quick to respond, through the same medium, that the Indian banking system is well regulated and significantly insulated from global developments. And thus there was no need for the customers to panic.
Div D Group 7
Page 6
ICICI Bank: Battle for Survival
Steps taken by ICICI Bank
ICICI Bank in the event of the above crisis tried to dispel the rumors and instill customer confidence by taking various measures. One of the most important steps which it took was seeking the help of the government and Reserve Bank as competent authorities to discredit any false rumors floating about the company. Mr. K. V. Kamath, CEO of ICICI sent out a press release and made a public announcement reiterating the bank’s financial position. He disclosed the current financial position of the bank to indicate that the bank had a very strong capital position and has been very profitable even in the FY2008. He assured the bank customers that the rumors being spread were baseless and malicious in intent.
The above press release was published in the Times of India on 30th September 2008 to indicate that the ICICI UK Plc has zero exposure to U.S. subprime crisis and has zero non performing loans. The rumor had spread widely by SMS and internet websites so ICICI also started a huge counter SMS campaign to allay fears of the customers stating that “Your deposits with ICICI Bank are safe. Your bank is well capitalized, with good liquidity. Please do not listen to baseless rumors. Happy festive season” ICICI Bank also filed a complaint against some brokers and websites that were creating panic among depositors and shareholders by spreading rumors about the financial health of the bank. The complaint was filed before the Additional Commissioner of Police said that “a broker/subbroker (of major securities broker based in Mumbai) had been the origin of various SMS spreading wrong information about the financial health of the bank. Due to these rumors the shares had tumbled more than 20%. ICICI Bank urged independent agencies like Reserve Bank and the Finance Ministry to issue public statements denying the veracity of the rumors and supporting the position of ICICI Bank’s strong credit fundamentals. The RBI and Finance Minister P Chidambaram assured depositors
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ICICI Bank: Battle for Survival
that the bank had more than adequate capitalization and was well placed to tide over the crisis and that there was no reason to believe the rumors doing the round.
Also due to the bank run by the depositors the Executive Director of the bank sent personal emails to all the depositors of the bank stating the facts and to assure that they do not take the rumors seriously as ICICI Banks financial health was sound.
Div D Group 7
Page 8
ICICI Bank: Battle for Survival REFERENCES
Web Sites
http://www.icicibank.com/Pfsuser/aboutus/investorelations/pressrelease/icicibank_pressrealease/RBI_ Statement_on_ICICI_Bank_Position.pdf http://sify.com/finance/fullstory.php?id=14588168 http://en.wikipedia.org/wiki/ICICI_Bank http://www.banknetindia.com/banking/icicigain.htm http://en.wikipedia.org
Articles Business Line The Economist Times of India
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doc_369811424.pdf