ICICI Bank gets RBI approval to make ICICI Securities A wholly-owned subsidiary

ICICI Bank on thursday received the Reserve Bank of India (RBI) approval for making ICICI Securities its wholly-owned subsidiary.

“We would like to inform you that today the bank has received approval from Reserve Bank of India for making ICICI Securities a wholly owned subsidiary, subject to certain conditions,” the bank said in an exchange notification.

ICICI Bank on June 26 announced that it will be considering a proposal for the delisting of ICICI Securities, a subsidiary of the bank.

ICICI Bank
ICICI Bank

 

Explaining the rationale behind the decision, ICICI Bank on June 26 said, “ICICI Securities is a low capital consuming business and the internal accruals are more than adequate to fund business growth. ICICI Bank is not expected to be required to make additional capital infusion into the company.”

Following this, ICICI Securities had on June 29 announced that it will delist and become a wholly owned subsidiary of its parent company ICICI Bank

icici bank shares last were trading at 936 rs .

ICICI Bank is a large private sector bank in India offering a diversified portfolio of financial products and services to retail, SME and corporate customers. The Bank has an extensive network of branches, ATMs and other touch-points

 

 

2023-10-13 (4)

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