ICICI Bank

DocProc

I see the Prudential have commented that they consider ICICI is OK with capital and liquidity and are actually going to get on board with them on a deal.

http://news.google.co.uk/news?sourceid=navclient&rlz=1T4GZHZ_enGB231GB231&um=1&tab=wn&nolr=1&hl=en&q=prudential+icici&btnG=Search+News

I couldn't get into Lloyds TSB this morning. Neither could I properly get into Egg. However, I did succeed with both on later attempts.

It's absolute chaos out there on financial sites. Lots of them are on overload with usage and their server banks just aren't big enough to cater for the increase.

ICICI are one of the ones who actually HAVE invested and put more stuff in.

CHR15

They are bound to do well now I have taken my money out

dancingdandare

ICICI is not got any real problems other than the current world crunch! I am happy my 50k is in there..........

wagdog

Updated article on credit worthiness of ICICI on the ThisIsMoney website gives a rather mixed picture. ThisIsMoney is taking no chances and has removed ICICI from its ratings tables. The good rating from S&P hinges upon the importance of the Indian economy, much as Icesave depended on Iceland's economic health. Granted that the Indian economy is actually much bigger than Iceland, however as Western economies slide into recession, the Asian economies will be dragged down due to their high dependence on westerners buying up their cheap exports. The decoupling theory has lost much credibility, even in India. (Gone are the days when we can place our savings in a bank without having to research both the financial and macroeconomic fundamentals affecting this decision.)

Personally, having a sizeble sum already tied up in Iceland, I shall not risk tying up another sum in India (even though I'm well below the FSCS limit). If/when I get the first sum back, only then would I re-assess the risks of putting this into ICICI. I've reduced my exposure to ICICI down to the cost of a reasonably powerful desktop computer. If it survives another year, maybe I'll go do some shopping.

mondriver

Having had a few nightmares with Iceland, I bailed on this a couple of days ago.

I don't want to experience what I have and continue to feel with stress from foreign banks again.

Keeping account open, but cleared it out.

I know it's covered to £50k, but the rating just isn't good enough in this day and market climate.

stphnstevey

I never like the scare mongers, but in this climate you need to go on gut instinct. I just don't want to take the chance for £50 or so extra interest.

Saying that, where I will put my money I don't know!:(

Steve_xx

stphnstevey wrote: »

I never like the scare mongers, but in this climate you need to go on gut instinct. I just don't want to take the chance for £50 or so extra interest.

Saying that, where I will put my money I don't know!:(

Realistically, it's as safe in ICICI as it is in HBOS or RBS. It is guaranteed upto 50k, currently. What more does one need guarantee wise?

Moving huge amounts of cash out of these banks in itself causes their instability. In the end, if this continues on as it has, we will be left with a single state owned bank. That would be disastrous for competition and for interest rates.

sadabbott

I have withdrawn my £70k from ICICI. Spread into 25k to B&B, 25k to NS, 10k into Nationwide and 10k cash into deposit box.

`Looks like a run on ICICI. They must be running out of cash by now...

KingL

funny that, sadabbott, just last week all your life savings were locked up in Icesave

http://forums.moneysavingexpert.com/showpost.html?p=14766019&postcount=12

http://forums.moneysavingexpert.com/showpost.html?p=14791401&postcount=79

JimmyTheWig

stphnstevey wrote: »

Saying that, where I will put my money I don't know!:(

That's exactly the point.

It's like trying to guess the fastest moving queue at a supermarket checkout, or continually switching lanes in motorway conjestion.

That's why I'm sticking with ICICI. Not because I trust them 100%, but because I don't trust any of the banks 100%.