ICICI Bank securitise Rs 10,000 crore portfolio in 04-05

Mumbai: ICICI Bank Limited will securitise an asset portfolio of Rs 10,000 crore in 2004-05 to release capital resources for its business growth.

The bank has already securitised a portfolio of about Rs 8,000 crore in the current fiscal and would securitise part of the corporate, auto, priority sectors and a few mortgage loans in the next fiscal, said ICICI Bank executive director, Kalpana Morparia on the sidelines of the road show for its public issue. With the public issue aggregating upto Rs 3,500 crore, she added, "There is an appetite for securitised paper from banks, insurance companies and mutual funds. The securitisation would release resources for further business growth."

On the bank's international expansion plans, she said ICICI would shortly establish its presence in Bahrain and Bangladesh.

"Besides the Indian diaspora, our companies are expanding abroad and opportunities in the trade finance area are attractive to grow our presence overseas," she said.

When asked about the movement in the interest rates, the bank's managing director K V Kamath said that they are stable and any rise in rates would be determined by global trends and a pick up in the credit demand. There is an expectation that global rates may move up, he added. On the use of public issue proceeds, he said funds would be deployed for corporate purposes and to meet the capital requirements of subsidiaries like ICICI-Prudential Life Insurance Company.