ICICI Bank statement on Lehman Brothers
ICICI Bank Limited: Statement from Ms. Chanda Kochhar, Joint Managing Director & Chief Financial Officer
At June 30, 2008, ICICI Bank and its subsidiaries had consolidated total assets of Rs. 484,643 crore. ICICI Bank UK PLC had total assets of about US$ 8.7 billion at that date. ICICI Bank PLC’s investment of Euro 57 million (approximately US$ 80 mn) in senior bonds of Lehman Brothers Inc . constitutes less than 1% of ICICI Bank UK PLC’s total assets and less than 0.1% of the consolidated total assets of the ICICI Group. ICICI Bank UK PLC already holds a provision of about US$ 12 million against investment in these bonds. Considering a 50% recovery estimate, the additional provision required would be about US$ 28 million. There is no other material impact on ICICI Bank or ICICI Bank UK PLC on account of exposure to Lehman Brothers.
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hi
my company has 4 to 5 account in icici bank so should i closed the account and transfer all the funds