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ICICI Bank gets approval to raise stake in ICICI Lombard

August 07, 2023

ICICI Bank gets approval to raise stake in ICICI Lombard

India’s second-largest private sector lender ICICI Bank (NS:ICBK) announced that it has received approval from the Reserve Bank of India to raise the shareholding in ICICI Lombard General Insurance Company (NS:ICIL).

On May 28, 2023, Investing.com reported that the banking giant’s Board of Directors approved to increase its shareholding in the general insurer ICICI Lombard to over 50%.

ICICI Bank’s shareholding in the insurance major stands at 48.02% as on March 31, 2023, and now its Board had given a green flag to raise its stake in ICICI Lombard by up to 4% in multiple tranches.

The private bank informed the stock exchanges on Saturday that it had received RBI’s approval to undertake this stake hike in ICICI Lombard on August 4, 2023. Certain other statutory or regulatory approval(s) are awaited, the lender noted.

The banking behemoth will acquire at least a 2.5% stake in ICICI Lombard before September 9, 2024, out of the approved 4%.

As per the guidelines of the Reserve Bank of India (RBI), banks can own a shareholding of either less than 30% in insurance companies or more than a 50% stake.

ICICI Bank had informed back in March that RBI had granted it an extension in the timeline for divesting its shareholding in ICICI Lombard to less than 30% of the company’s paid-up capital till September 9, 2024.

Important Links:

4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/

Tags:

ICICIICICI LombardPrivate BankRBI

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