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ICICI Bank has reported a loss of $264 million in overseas investment. It is one of the biggest losses reported by any Indian bank in recent times. This could wipe up to 9 percent off its annual profit.
Bank has denied US subprime crisis for the loss. Joint Managing Director Chanda Kochhar told reporters that the bank do not have any direct exposure to subprime. But he did not specify what was behind the loss.
