Biggest Private Sector Bank in India ICICI Scaling Back
India’s biggest Private Sector Bank ICICI is scaling back operations especially on their overseas operations.
Although not quite the meltdown of the American banks, there has been significant financial turbulence, enough to have key employees recalled. The biggest scaling back in in the USA and Sri Lanka.
The Indian bank’s overseas operations were very much aligned to the Indian communities in the UK and Canada which has seen steep declines in activity.
The overseas fund raising by Indian companies through external commercial borrowings and foreign currency convertible bonds (FCCB) declined sharply to $18.36 billion in 2008-09 from $ 30.95 billion in 2007-08.
If you enjoyed this post, make sure you subscribe to my RSS feed!
