DELHI, India -- March 13, 2007 -- ICICI Bank, India's second largest Bank, and Export Development Canada (EDC), Canada's Export Credit Agency, today signed a USD 50 million Line of Credit (LoC) agreement. This LoC is to be utilised to support Indian corporations importing capital goods and services from Canada.
In November 2006, ICICI Bank had signed a Memorandum of Understanding (MoU) with EDC to work together on various initiatives to help businesses on both sides and to provide financing support to Indian buyers of capital goods and professional services from Canada.
The LoC is the first of many initiatives that has emerged from the MoU. The Line of Credit is to be used to assist ICICI Bank's customers interested in procuring capital goods and services from Canada and will facilitate projects between Canadian and Indian companies.
Sectors that will benefit from this LoC include: telecommunications, advanced technology, agriculture, environmental technology, transportation, airports, plastics and biotech services.
The Line of Credit was signed by Ms. Ramni Nirula, Head Corporate Banking, ICICI Bank and Mr. Eric Siegel, EDC President and Chief Executive Officer in Delhi. On the occasion Ms. Ramni Nirula, Head Corporate Banking said, "With trade between the two countries growing, ICICI Bank felt that this was an opportune time to establish a LoC for Indian corporates. As a full service bank with strong Indian links, we believe we are in a unique position to become the preferred provider of financial services. Today Indian companies are going global to fulfill their business requirements. ICICI Bank will leverage its international presence to provide holistic support to Indian corporates in their global aspirations. This understanding with EDC is in line with ICICI Bank's commitment to provide its customers with customized and innovative solutions."
"EDC is forming this strategic relationship with ICICI Bank as more Canadian companies are recognizing the importance of India as both a sales market and an investment destination," said Mr. Siegel upon signing the agreement. "The collaboration of ICICI Bank and EDC will help speed the entry of Canadian companies in a rapid-growth market, creating new demand for Canada's technology and know-how," added Mr. Siegel.
ICICI Bank set up its subsidiary in Canada (ICICI Bank Canada) in December 2003. ICICI Bank Canada now has five branches located in Toronto (2), Scarborough, Brampton and Vancouver.
ICICI Bank set up the International Banking Group (IBG) in the year 2002 to implement a focussed strategy for its international banking business. Within a short span of four years, ICICI Bank's international presence currently spans 17 countries and includes wholly owned subsidiaries in the United Kingdom, Canada and Russia; offshore banking units in Singapore and Bahrain; an advisory branch in Dubai, branches in Sri Lanka, Hong Kong, Belgium and Qatar; and representative offices in the United States, China, United Arab Emirates, Bangladesh, South Africa, Indonesia, Thailand and Malaysia.
About ICICI Bank: ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years presence in financial services and with assets of over USD 67 billion as at December 31, 2006. The Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, private equity and asset management. ICICI Bank is a leading player in the retail banking market and services its large customer base through a network of over 695 branches and extension counters, 3051 ATMs, call centres and internet banking (www.icicibank.com) to ensure that customers have access to its services at all times.
Disclaimer:Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions may constitute "forward-looking statements." These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion, the adequacy of our allowance for credit losses, technological changes, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Bank Limited with the Securities and Exchange Commission of the United States. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
About EDC:Export Development Canada is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and has been named one of Canada's Top 100 Employers for six consecutive years.
Media contacts:
Phil Taylor Public Affairs Export Development Canada (613) 598-2904 ptaylor@edc.ca
Charudatta DeshpandeHead-Corporate CommunicationsICICI Bank Ltd+91 (22) 26538208charudatta.deshpande@icicibank.com
