Rajiv Sethia

ICICI Bank: Boring Business, Compelling Valuation

ICICI bank holds a huge loan book of money lent to real estate buyers in India. Real estate is a big bubble in India, with a non-transparent pricing, corruption with bureaucrats and builders, and prices of both commercial and residential properties are approaching or are already higher than those in Western Europe or North America. This makes little sense for the poorest countries in the world. When these loans go bad in the next 3 to 5 years when the bubble pops, no one knows who will come to ICICI bank's rescue.

This is a time bomb waiting to implode. My 2p.