ICICI denies talks with Nigeria's Spring Bank

Posted By: Religare
Subscribe to GoodReturns

ICICI denies talks with Nigeria's Spring Bank
ICICI denied any kinds of talk with Nigerian Bank named Spring Bank. ICICI denied the news that claimed the two banks to have talks regarding the investments. "ICICI Bank is not in discussions with Spring Bank for any investment," a spokesman for the Indian bank said.

The news of the talks came into place, when the Spring Banks announced that the bank was in talks with four investors regarding the recapitalization. The four investors stated by the Nigerain Bank included ICICI Bank Ltd. (ICICIBC), US-based private equity firm Cloudleap Partners LCC, CARAM Capital and others.

Spring Bank is one of the one nine lenders rescued who were rescued by the central bank in a $4 billion bailout in 2009. Declaring about the talk, the bank in a statement said, "The recapitalisation process of the bank is on course."

The bank has earlier been recorded to have attained a steady positive growth performance in the last 18 months, when it posted a profit for the first in its six-year existence. However, with the news about the talk, the bank was further stated to be extra careful while assessing the investors for the recapitalisation.

Read more about: icici bank
Story first published: Thursday, June 16, 2011, 11:32 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'