ICICI Bank seeks to raise $1.45-billion loan from a BofA-led consortium

ICICI Bank is seeking a substantial $1.45 billion loan from a banking consortium. Bank of America is leading the syndicate, which includes several international banks. This four-year loan aims to attract leveraged investors to the FCNR-B deposit program. The Reserve Bank of India is absorbing currency hedging costs for these deposits. Funds will support overseas clients making foreign currency deposits with the bank.