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M&A

ICICI Bank to up stake by 4% in general insurance arm to 52%

Business Standard  

ICICI Bank is raising its stake in ICICI Lombard General Insurance by four per cent in multiple tranches. At present, the bank owns 48.02 % in the general insurance arm. The Bank would acquire at least 2.5 % stake by September 9, 2024. According to Reserve Bank of India rules, a bank can hold either below 30% or above 50% in insurance ventures. ICICI Bank had earlier wanted to lower its stake in the general insurer to below 30%. It had applied to the banking regulator seeking more time, till September 9, 2024, to dilute the stake, which was granted.