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ICICI Bank and Korea Eximbank sign Line of Credit

January 23, 2014

New Delhi: ICICI Bank has signed an agreement for a USD 200 million Line of Credit with The Export-Import Bank of Korea (Korea Eximbank). With this, the total volume of credit lines between the two institutions has reached USD 1 billion, making it Korea Eximbank’s single largest credit line relationship with any partner bank.


This new Line of Credit would be availed by ICICI Bank through its Hong Kong branch, and can be utilised to finance its corporate clients having business relationships with Korean companies globally as well as joint ventures or subsidiaries of Korean companies.


The agreement was signed by Mr. Murali Ramakrishnan, Chief Executive of ICICI Bank's Hong Kong branch and Regional Head for its North Asia, Sri Lanka, Middle East and Africa operations, and Mr. Kim Yong-Hwan, Chairman and President of Korea Eximbank, during the state visit of the President of South Korea to India last week.


On this occasion, both institutions reaffirmed their intent to increase mutual cooperation, so as to further strengthen and support trade and investment flows between India and Korea.

About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of USD 124.00 billion at March 31, 2013. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and its largest securities brokerage firm, mutual fund and private equity firm. ICICI Bank’s presence currently spans 19 countries, including India.


About Korea Eximbank: The Export-Import Bank of Korea (Korea Eximbank) is an official export credit agency of South Korea which provides export-import and overseas investment credit to support Korean enterprises conducting business overseas. Korea Eximbank, as an Export Credit Agency of Korea, has established USD 6.19 billion credit lines with 42 banks in 20 countries so far.


Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., 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 obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.


For Press Queries please contact:


Mr. Sujit Ganguli
Senior General Manager & Head - Corporate Communications and Brand Group
ICICI Bank Limited
Bandra Kurla Complex, Mumbai – 400051

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