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 ICICI Bank, namely Rs19.5 billion $442 million. The holding company is likely to be structured as a non-banking finance company.
Analysts say the proposed structure will achieve multiple objectives. Estimates suggest that the market...
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