ICICI denies it's in talks with Nigeria's Spring Bank

ABUJA: ICICI Bank today denied it is in investment talks with Nigeria-based Spring Bank.

India's biggest private sector lender said, "It is not in discussions with Spring Bank for any investment."

However, ICICI, which has presence in 19 countries did not say in the statement released today if it intended to enter the Nigerians market in the future.

Earlier, the Spring bank had released a statement claiming it was in advanced discussions with four investment contenders, including ICICI Bank.

During an industry wide audit in 2009, Spring Bank was identified as troubled bank by the Central Bank of Nigeria (CBN), which appointed new management and injected fresh capital to revive it back to steady positive growth.