ICICI Bank creates holding company to unlock value

ICICI Bank proposes to carve out investments in insurance and asset management subsidiaries into a holding company which will later be listed.

ICICI Bank, India's largest private sector bank, announced on Saturday it will transfer identified subsidiary investments to a holding company to unlock value.

ICICI Bank will transfer its 74% ownership in ICICI Prudential Life Insurance and ICICI Lombard General Insurance as well as its 51% ownership in Prudential ICICI Asset Management and Prudential ICICI Trust to a wholly owned subsidiary, ICICI Holdings. The transfer will be made at the value at which the investments currently stand in the books of...

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