Mumbai: ICICI Bank today decided to set up a holding company for its insurance and mutual fund businesses. The new company will be headed by Kalpana Morparia, joint managing director of ICICI Bank.
According to a decision taken in a board meeting, the holding company, ICICI Holdings, will be a wholly-owned subsidiary and all investments of ICICI Bank in ICICI Life, ICICI General, ICICI AMC and ICICI Trust will be transferred to this new company.
The new company would be incorporated on 1 June 2007, subject to necessary approvals, a statement from the bank said.
ICICI Bank said the new company may also consider public listing of its equity shares in future to meet future capital requirements of ICICI Life and ICICI General.
ICICI Bank currently holds approximately 74% stake in ICICI Life and ICICI General, and 51% stake in ICICI AMC and ICICI Trust. These investments would be transferred to ICICI Holdings at book value, which is about Rs 1,950 crore.