ICICI Bank has received authorisation from the Reserve Bank of India (RBI) to increase its collective shareholding up to 9.95% in eight Indian banks.
The stake purchase will be executed through its asset management arm, ICICI Prudential Asset Management, alongside other group entities.
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The approval covers Bandhan Bank, City Union Bank, Equitas Small Finance Bank, Federal Bank, IDFC First Bank, HDFC Bank, Karur Vysya Bank and RBL Bank.
The RBI’s permission is subject to the condition that the stake acquisition must be completed within a year from the date of the regulator’s communication.
If not finalised in this period, the approval will no longer be valid.
The regulatory clearance falls under the consolidated Master Direction governing acquisition and holding of shares or voting rights in banking companies.
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By GlobalDataThe bank clarified that ICICI Prudential AMC would make these investments as an investment manager on behalf of its mutual fund schemes including those under Specialised Investment Fund strategies as well as Alternative Investment Funds and clients of its Portfolio Management Services.
In August last year, ICICI Bank was fined Rs7.5m ($85,479) by the RBI for lapses related to property valuation rules and norms for opening current accounts.
