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Overseas entities of ICICI Bank to repatraite extra capital

ICICI Bank, which has extra capital in its overseas subsidiaries, plans to draw back these funds to India. The exact quantum of funds to be brought back to India will be determined later, in consultation with regulators abroad. Chanda Kochchar, MD and CEO of the bank said the bank has about $250 million excess capital in subsidiaries in the UK and Canada.The UK subsidiary in March last had repatriated $100 million of equity capital, while the Canadian subsidiary sent back Canadian $75 million (about Rs 400 crore) in May. The UK and Canadian subsidiaries’ capital adequacy ratios were 26.1% and 31.2%, respectively, as on 30 September 2013.

With operations in 18 countries, the overseas business constitutes about 25% of the total business of ICICI Bank. International business accounted for 27% of the bank’s total loan book of Rs 3,17,800 crore as of September 2013.

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