ICICI BANK RUMORS.....
FOLLOWING THE RUMOURS ... CUSTOMERS TODAY ATTACKED THE S.R NAGAR BRANCH A.T.M IN HYDERABAD. NOT ONLY HERE SO MANY PLACES PEOPLE ARE BECOMING AFRAID OF THIS BANK...
THE REASONS...
ON 29TH SEPTEMBER ..ICICI Bank shares fell to a 52 week low to 483. It has gone to its first follow on public offer levels.
ICICI Bank has $3.5 billion in its UK unit investments. 18% of these are US based. It has $82 million worth of senior debt sold to Lehman Brothers. It also have to set aside a $28 million to cover the investment loses on those bonds. Though the bank has denied any exposure to the US sub-prime market, Morgan Stanley has listed ICICI bank most exposed to the US markets in Asia. Merrill Lynch says about 60% of the investments are in securities of global banks like Citigroup, Merrill Lynch, Morgan Stanley, AIG, etc. Edelweiss has estimated the loss to ICICI bank would be $200 million.UK bank’s are falling slowly but surely. The contagion is spreading to Europe as well. In the light of that $3.5 billion does not look like a small amount. No body really knows or the people who know it will not tell. The exposure to the US markets, I think, is much more than what the banks are sharing. Unlike US, India is still struggling to come to terms with the open economy. There will not be any bail out fund in India if any institution were to fail.
ICICI bank shareholders are mostly Foreign They hold a whopping 70%. Few of the shareholders in the bank include-Temesak (Singapore’s Sovereign Wealth Fund)-Government of Singapore Investment Corp (SIC)-Deutsche Bank Trust Company-Merrill Lynch Capital Markets Espana SASV
There was a report in a local newspaper here shocking the customers of ICICI bank making them run all the way to the ATMs to draw all the money in their account. The ICICI is facing bankruptcy and closure due to exposure of it's assets in the American Bank Lehman brothers was the news.Lehman brothers went into bankruptcy falling as the latest victim of the U.S. sub-prime house-loan lending woes. The woes relate to the loans disbursed to the riskiest borrowers.The U.S. sub-prime woes have been brewing for quite some time and has been on for some years. The sagging U.S.economy is the culprit in bringing about this shocking state-of-affairs.
FOLLOWING THE RUMOURS ... CUSTOMERS TODAY ATTACKED THE S.R NAGAR BRANCH A.T.M IN HYDERABAD. NOT ONLY HERE SO MANY PLACES PEOPLE ARE BECOMING AFRAID OF THIS BANK...
THE REASONS...
ON 29TH SEPTEMBER ..ICICI Bank shares fell to a 52 week low to 483. It has gone to its first follow on public offer levels.
ICICI Bank has $3.5 billion in its UK unit investments. 18% of these are US based. It has $82 million worth of senior debt sold to Lehman Brothers. It also have to set aside a $28 million to cover the investment loses on those bonds. Though the bank has denied any exposure to the US sub-prime market, Morgan Stanley has listed ICICI bank most exposed to the US markets in Asia. Merrill Lynch says about 60% of the investments are in securities of global banks like Citigroup, Merrill Lynch, Morgan Stanley, AIG, etc. Edelweiss has estimated the loss to ICICI bank would be $200 million.UK bank’s are falling slowly but surely. The contagion is spreading to Europe as well. In the light of that $3.5 billion does not look like a small amount. No body really knows or the people who know it will not tell. The exposure to the US markets, I think, is much more than what the banks are sharing. Unlike US, India is still struggling to come to terms with the open economy. There will not be any bail out fund in India if any institution were to fail.
ICICI bank shareholders are mostly Foreign They hold a whopping 70%. Few of the shareholders in the bank include-Temesak (Singapore’s Sovereign Wealth Fund)-Government of Singapore Investment Corp (SIC)-Deutsche Bank Trust Company-Merrill Lynch Capital Markets Espana SASV
There was a report in a local newspaper here shocking the customers of ICICI bank making them run all the way to the ATMs to draw all the money in their account. The ICICI is facing bankruptcy and closure due to exposure of it's assets in the American Bank Lehman brothers was the news.Lehman brothers went into bankruptcy falling as the latest victim of the U.S. sub-prime house-loan lending woes. The woes relate to the loans disbursed to the riskiest borrowers.The U.S. sub-prime woes have been brewing for quite some time and has been on for some years. The sagging U.S.economy is the culprit in bringing about this shocking state-of-affairs.
1 comments:
Gr8 job. Excellent design.
Keep up the good job. Add us in your blog roll, will reciprocate.
Best wishes.
Post a Comment