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The First Real Subprime Loss: ICICI Bank Gets Hit

Mar 04, 2008

Crisis 2008 Subprime

So it seems ICICI Bank has around 1000 cr. ($260 million) of losses due to US subprime.

ICICI Bank Ltd., India’s second- largest bank, had a marked-to-market loss of $264 million as of Jan. 31 on account of exposure to credit derivatives and investments, a minister said.

Following the subprime crisis overseas, ICICI Bank’s overseas operations had reported” the marked-to-market loss, Junior Finance Minister Pawan Kumar Bansal said in a written reply to a question in parliament.

I’d written about this in January, but was surprised to see no news coming in since then. Next in line is SBI, I wonder what the hit there is.

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