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ICICI Bank’s new subsidiary plan shelved

MUMBAI: ICICI Bank on Friday said that the plans for transferring its equity shareholding in its insurance and mutual fund businesses to a separate shareholding, stands terminated as it failed to get necessary regulatory approvals.

The board of directors of ICICI Bank at its meeting held on March 1-3, 2007 approved the transfer of ICICI Bank’s equity shareholding in ICICI Prudential Life Insurance Company Limited, ICICI Lombard General Insurance Company Limited, ICICI Prudential Asset Management Company Limited and ICICI Prudential Trust Limited to a proposed new subsidiary. Further, as intimated through a stock exchange notification on June 12, 2007, ICICI Bank had received definitive offers from investors for subscription to equity shares of the proposed new subsidiary and for entering into definitive agreements for this purpose.

The arrangement was subject to receipt of regulatory and other approvals including that of the Reserve Bank of India, the Insurance Regulatory and Development Authority and the Foreign Investment Promotion Board, and was to terminate failing receipt of all such approvals within a mutually agreed date.

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