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ICICI Bank top financier with $2.3 bn deals in Asia Pacific

ICICI Bank has emerged as the top bank in Asia Pacific for project financing with deals worth USD 2.3 billion this year so far, a report says.

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NEW DELHI: Country's largest private sector lender ICICI Bank has emerged as the top bank in Asia Pacific for project financing with deals worth USD 2.3 billion this year so far, a report says.
   
ICICI Bank as the lead arranger for project financing accounted for about 10.2 per cent of the market in Asia Pacific with seven deals, according to global financial data provider Dealogic.

The bank is followed by China's Industrial and Commercial Bank with 1.6 billion dollar through three deals for a 6.9 per cent share of the market, the data show.

Overall, in the Asia Pacific region, projects worth 22.9 billion dollar have been financed through 49 deals in 2007 so far, down eight per cent when compared to 24.8 billion dollar by way of 69 deals in the corresponding period last year.
   
Interestingly, China is the most active Asia Pacific nation for project financing with volume of 6.9 billion dollar, while Australia ranks second with 5.6 billion dollar so far.
   
Besides, Indian corporate behemoth Reliance Industries is among the top five project financing borrowers in Asia Pacific. RIL has borrowed funds worth USD 2,500 million through two deals while China's National Offshore Oil Corporation has raised funds to the tune of $2,907 million in same number of deals.
   
Other top project financing borrowers include Fujian Refining and Petrochemical Co Ltd and Korean GK Fixed Link Corp.

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