Overview

ICBC participates in $150 million USD syndicated loan for Union Bank of India in June 2006

Commitments (Constant USD, 2023)$25,588,856

Commitment Year•2006Country of Activity•IndiaDirect Recipient Country of Incorporation•IndiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 30, 2006

Last repayment (originally scheduled): Jun 29, 2009

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
BNP Paribas S.A.
Commerzbank Aktiengesellschaft (Commerzbank AG)
DBS Bank Ltd.
Emirates NBD Capital Limited (formerly Emirates Financial Services PSC)
Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
Natexis Banques Populaires
Raiffeisen Bank
Standard Chartered Bank PLC

Receiving agencies

State-owned Banks

United Bank of India Limited (UBI)

Loan description

ICBC contribution to USD 150 million syndicated loan for Union Bank of India in June 2006

Grant element•5.22%Interest rate (t₀)•5.82%Interest type•Fixed Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On June 30, 2006, a $150 million USD syndicated loan to Union Bank of India was closed. ICBC contributed $13,636,363.60 USD to this loan. Mandated lead arrangers included Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, DBS Bank, Natexis Banques Populaires, RZB Austria and Standard Chartered Bank. BBVA, Lloyds TSB, Industrial & Commercial Bank of China, Commerzbank and National Bank of Dubai have already committed and several others are still processing credit approvals. Signing was planned to take place on July 17, 2006 but confirmation of this signing is unavailable. The loan carried a maturity period of three years and had an interest rate of 1.51%. Loan proceeds will be used for unspecified purposes.

Staff comments

1. This loan carried a 5.82% interest rate (AidData calculated the interest rate as follows: 5.490% [average 6-month LIBOR in June 2006] + 0.33% [33 basis points] = 5.82%). 2. Specific contributions of each financier are unknown. To calculate ICBC's contribution to this loan, AidData a) assumes that each official sector financing institution from China contributed an equal amount to the syndicated loan and (b) estimate the contributions of each financier by dividing the total face value of the loan ($150 million USD) by the total number of financiers in the syndicate (11 financiers). This brings the contribution of each individual financier to $13,636,363.60 USD.