Indian private sector lender ICICI Bank said it has decided to sell its profit-making Russian subsidiary ICICI Bank Eurasia to Sovcombank.
As of 30 September 2014, ICICI Bank Eurasia had total assets of RUB4.5bn and paid-up equity capital of RUB1.6bn.
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It accounted for less than 0.1% of the bank’s consolidated total assets at that date and consolidated profit after tax for the period, ICICI Bank said in a press release.
With the selling of its stake, ICICI Bank would exit from Russian market and will be left with operation in 18 countries, including India.
The bank said that it now cater to Russian clients through its other overseas subsidiaries.
The sale is subject to execution of definitive agreements and regulatory approvals, the statement read.
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