ICICI Bank says no material exposure to Dubai
Amid fears of a debt crisis in Dubai, ICICI Bank today said it does not have any significant exposure to Dubai corporates. - F&O Outlook: Nifty may test new high before expiry - Nifty may test new high before expiry - ICICI Home Finance NPAs rise 3.5 times - ICICI, Infy among best firms for nurturing talent - ICICI raises $750 mn in overseas bonds - ICICI Bank raises $750 m from 5-yr bonds">ICICI Bank raises $750 m from 5-yr bonds "ICICI Bank has no material, non-India linked exposure to Dubai corporates," an ICICI Bank spokesperson told PTI. As such, the questions pertaining to any losses to the bank due to the imminent crisis in Dubai does not arise. Delhi-based Oriental Bank of Commerce also said the bank does not have any exposure in Dubai. "We have no exposure there," OBC Executive Director S C Sinha said. After realty crash, Dubai is now facing debt crisis. There are fears that Dubai"s conglomerate and the Middle East"s largest realty firm Dubai World may default on its around 59 billion dollar debt and is seeking postponing of the debt until at least May. Dubai, which borrowed hugely during the real estate boom, has incurred large losses due to real estate slump during the global recession.city cash loans commented:
ICICI Bank today said it does not have any significant exposure to Dubai so it is not at any risk of the debt crisis in Dubai
27.09.2011
Payday Loans commented:
Such decision of ICICI is right in current situation I think.They must have taken such decision with care.It will give good output to them in future.
01.12.2011
Same day payday loans commented:
Such decision of ICICI is really fair in today\'s volatile conditions.Such step can save them from incurring any loss in future I think.
17.12.2011
Goa Escorts Services commented:
Yes, a lot needs to be done. People should be given more information on this subject.
19.12.2011
Multi Family Offices commented:
ICICI is just taking precaution by taking such decision against any chances of future loss. I respect their such decision.
13.01.2012
Migration Tax Australia commented:
Actually they are under the allegations that they are getting some sort of financial support form the Dubai.They are growing very much and there seems no reason that they will indulage in such things.
24.01.2012
Single Family Offices Asia commented:
ICICI is taking a wise decision according to today\'s weak and unstable position of Dubai. You have really shared a great informative post. I hope other banks will follow their trend too.
03.02.2012
same day payday loans commented:
Great place to get information about this topic. It will really help lots of people. Thanks for sharing this post.
24.02.2012
Hessonite commented:
This post contains interesting thoughts.
18.05.2012