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ICICI Financial institution Confirms Publicity To Troubled Oil Dealer Hin Leong

ICICI Bank Confirms Exposure To Troubled Oil Trader Hin Leong

The nation’s second largest personal lender ICICI Financial institution on Tuesday confirmed its publicity to the Singapore-based troubled oil dealer Hin Leong Buying and selling Pte Ltd (HLT) and stated it’s taking steps to guard its curiosity.

“We verify that the Financial institution, within the regular course of its enterprise, has publicity to the borrower group in query, is taking due steps to guard its pursuits, and can appropriately replicate the identical in its monetary statements, as it could do in respect of all its banking exposures,” ICICI stated in a inventory trade submitting.

The financial institution didn’t elaborate the extent of its publicity and the steps it’s taking to guard its curiosity. Reuters on Monday reported the ICICI Financial institution has $100 million publicity to the dealer.

ICICI Financial institution is asking for authorities to impound two vessels operated by Ocean Tankers (Pte) Ltd, a unit HLT, an ICICI supply stated on Monday.

In keeping with a court docket submitting reviewed by Reuters, HLT’s founder and director had directed his agency to not disclose tons of of thousands and thousands of {dollars} in losses over a number of years.

Shares of ICICI Financial institution fell about 9 per cent on Tuesday.

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