ICICI Bank 2005 Annual Report Download - page 37

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35
turnaround times. We believe we are the market leader in cash management services in India. The
corporate markets business focused on delivery of market solutions such as foreign exchange products,
derivatives and market-making in corporate bonds to our corporate clients. There was significant growth
in foreign exchange and derivative transaction volumes. ICICI Bank was named “India Derivatives House of
the Year” for 2004 by Asia Risk magazine. The above strategies enabled us to achieve robust growth in our
fee income in fiscal 2005.
The growing internationalisation of Indian industry offers significant opportunities in the corporate
banking space. The Bank’s international presence combined with its domestic balance sheet enables it to
offer a wide range of credit and trade finance solutions to Indian companies. With the requisite regulations
now in place, we see a growing opportunity in being involved in the overseas acquisitions being made by
Indian companies. The client-related corporate markets business is now being re-organised into the
Global Markets Group which will integrate the client-centric treasury operations of the Bank in India and
overseas. We have also launched a global cash management services product by straight through
integration of our corporate internet banking platform with the SWIFT network.
We continued to build on our competencies in structured finance and leverage them in path-breaking
securitisation transactions. We are the market leader in securitisation in India, with securitisation and
sell-down volumes of over Rs. 170.00 billion in fiscal 2005. We also achieved leadership in debt private
placement.
Project Finance
The project finance sector in India is now witnessing growth across the spectrum - in infrastructure, oil &
gas and manufacturing sectors. In the airport sector, the development of two greenfield international
airports at Bangalore and Hyderabad has commenced while the bidding process for modernisation of
Mumbai and Delhi airports is underway. The road sector is also experiencing a resurgence of activity. A
number of projects have already been announced by National Highways Authority of India (NHAI) and a
strong pipeline of projects has been identified for bidding during the year. In the port sector, investments
are being made to create additional container terminal capacity including international trans -shipment
terminals, given the growing importance of external trade for the economy and also the worldwide trend
towards containerisation of cargo. Similarly, bulk cargo-handling capacities are also being set up
specifically catering to captive and identified needs of various customers. The telecom sector is continuing
its rapid growth which is being facilitated by the ongoing process of consolidation. The power sector is
making progress, especially in creation of hydroelectric generation capacity in the private sector and the
large investment plans of public sector entities. Oil and gas exploration continues to be a key focus area.
Development of recent offshore gas finds coupled with international sourcing of gas through pipelines and
mini LNG terminals is an area of opportunity. The manufacturing sector is also witnessing new capacity
creation in sectors where India has globally sustainable competitive advantage including steel, aluminum,
zinc, textile and auto ancillaries.
We have, over the years, developed project financing expertise across sectors and are well positioned to
leverage the emerging opportunities. ICICI Bank’s project financing strategy focuses on origination of
tightly structured projects by leveraging its international quality due diligence skills coupled with
syndication capability. The projects are structured to ensure easy syndication and also subsequent
sell-down of our exposure in order to manage portfolio risk. Some of the major deals during fiscal 2005
included lead arranger mandates for a telecommunications project, an international airport project, a
greenfield container trans-shipment terminal and steel capacity expansion project.
Business Overview
Dickenson Tel: 022-2625 2282