Private lender ICICI Bank Ltd. may soon shut down its project finance vertical as it will be assessed by a broader corporate lending division, said sources.
At ICICI Bank , the project finance group primarily took care of loan proposals for sectors like power, roads, ports and airports, manufacturing, mining, oil and gas.
The bank has been reporting a low demand for project finance currently reported the industry sources.
As per a report published in the Bloomberg, nearly 30-40 employees who were employed in this team have been shifted to other departments. It is reported that the bank’s corporate finance team, that handles broader corporate loans, will now be handling any loan proposals for infrastructure projects.