ICICI Bank Ltd. has launched a syndicated offshore loan of about $1.45 billion, according to people familiar with the matter, joining a growing number of local banks tapping overseas debt to capitalise on a central bank facility that lowers hedging costs.The nation’s second-largest private lender first signed a loan agreement with Bank of America Corp. for about $1 billion, the people said, asking not to be identified discussing private matters. It’s now upsizing the deal to other lenders including Mizuho Bank Ltd., Mashreqbank PSC and United Overseas Bank Ltd., they added.The four-year loan has a margin of 110 basis points over the US benchmark Secured Overnight Financing Rate, the people said. More banks may participate during the syndication process, that could increase the loan size at the same pricing, according to two of the people.The syndicated loan follows the Mumbai-based lender’s sale of $1 billion in five-year bonds last month, its first foray into international debt markets after nearly a decade.Representatives for ICICI Bank, Bank of America, Mizuho Bank and Mashreqbank did not immediately reply to requests for comment. UOB declined to comment. The International Financing Review first reported on the loan deal.ICICI Bank’s planned borrowing adds to a surge in offshore fundraising by Indian financial institutions in recent weeks. It follows measures introduced by the Reserve Bank of India in June, aimed at attracting foreign-currency inflows to shore up the rupee that’s been battered by the Iran war.To reduce hedging costs, the RBI offers banks and state-run firms a concessional foreign-exchange swap facility with a fixed annual rate of 1.5% for an average maturity of at least three years, lower than current market costs. The window closes by December 31, fuelling a rush among banks to the dollar funding market to take advantage of it.Indian banks have raised $2.58 billion from the dollar bond and loan markets from the time the RBI swap facility began on June 8 through the end of July, according to the latest central bank data.ICICI Bank was also in talks to raise another $500 million in offshore bonds in a bid to benefit from the central bank facility, Bloomberg News reported earlier. The lender reported better-than-forecast profit in the three months to June, backed by a near 20% growth in its loan portfolio.More stories like this are available on bloomberg.com©2026 Bloomberg L.P.Published on August 14, 2026