ICICI Bank forms new holding company, plans to get it listed

Mumbai, Mar 3 (UNI) Private banking major ICICI Bank plans to transfer investments in four subsidiaries to a new wholly-owned unit ICICI Holdings, which may be listed sometimes later.

The board of the bank, which met at Jodhpur recently, has approved the incorporation of a new wholly-owned subsidiary ICICI Holdings and the transfer of its investments in ICICI Prudential Life Insurance Company Limited (ICICILife), ICICI Lombard General Insurance Company Limited (ICICI General), Prudential ICICI Asset Management Company Limited (ICICI AMC) and Prudential ICICI Trust Limited (ICICI Trust) to the new company, a company release said here today.

The bank currently holds approximately 74 per cent of ICICI Life and ICICI General and 51 per cent of ICICI AMC and ICICI Trust.

These investments would be transferred to ICICI Holdings at the book value in the books of ICICI Bank (currently about Rs 1,950 crore).

ICICI Holdings may consider a public listing of its equity shares at an appropriate time to meet a part of the further capital requirements of ICICI Life and ICICI General. The bank intends to retain majority ownership in ICICI Holdings.

Kalpana Morparia, Joint Managing Director of the bank, is likely to assume responsibility for ICICI Holdings as its Managing Director and CEO from early June, the release added.

UNI