'ICICI-UK has zero exposure US financial crisis'

Mumbai, Sep 29: ICICI Bank said its susidiary ICICI BANK UK has zero exposure to the US Sub prime credit, whether directly or through credit derivatives. In a clarification here, the Bank said 18 per cent of the UK Subsidiary's non Investment Book was exposed to the US with 98 per cent of the UK subsidiary's non India investment book of USD 3.6 billion was rated investment grade and above.

The Bank said in addition ICICI Bank UK held cash equivalent instruments of USD 1.1 billion, with no exposure to US banks. The subsidiary had a total balance sheet size of USD 8.5 billion and has zero per cent non performing liabilities on the balance portfolio of USD 3.9 billion as on June 30, the subsidiary had a capital adequacy ratio of 17.4 per cent.

UNI