Sumo to lend $1 billion to ICICI

India’s largest private bank ICICI is set to raise $1 billion loan in Yen. Permitted by the relaxed overseas borrowing norms, ICICI is preparing to take advantage of world’s lowest interest rate prevailing in Japan. After the bank’s lending surged 47%, it is raising the fund to further strengthen its lending base. The money will be raised in Yen to save on withholding tax and then the proceeds will be swapped into Indian Rupee. 14 banks have been hired by ICICI to arrange these loans that are expected to mature within a time period of one to three years.

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Source: IIPM, 4Ps, B&E