S&P: Icici Bank unchanged

Standard & Poor's said its foreign currency ratings and outlook on Icici Bank (BB+/positive/B) are not immediately affected by the bank's announcement of its intention to submit a bid for United Western Bank Ltd.

The agency noted that Reserve Bank of India, announced a moratorium on United Western after its regulatory capital adequacy ratio turned negative at 0.3% as at June 30, 2006 and it was unable to meet the 9% regulatory minimum.

Certain other banks in India may be submitting their expression of interest to Reserve Bank, the agency added.

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