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ICICI Bank denies being in talks with Spring Bank

June 23, 2011‐ Mumbai, Maharashtra, India

News reports are out a couple of days ago that Nigerian banker Spring Bank Plc and at least two other investors are in talks for its recapitalization. However, ICICI Bank came out today and denied being in talks of any investment with Spring Bank.

Spring Bank is said to have emailed a news media outlet that two investors US-based private equity firm Cloudleap Partners LCC and CARAM Capital are in talks with the bank. Spring Bank was identified as a troubled bank by the Nigerian central bank, the Central Bank of Nigeria (CBN) back in 2009. The bank hence got some fresh capital and a change in the management.

ICICI Bank is India's second largest bank only next to the state-owned bank, the State Bank of India. ICICI Bank is present in 19 counties, but the press release today has not made it clear if the bank is interested or would enter into the Nigerian banking sector.

Indian banks are of late looking at expanding to international markets. A couple of days ago, Kotak Mahindra Bank came out and said that it is considering foraying into Singapore. Axis Bank has opened its representative bank in Abu Dhabi.

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