ICICI Bank has gained approval from the Reserve Bank of India (RBI) to make ICICI Securities its wholly-owned subsidiary. The decision aligns with ICICI Bank’s earlier approval, on June 29, to delist ICICI Securities and acquire complete ownership after delisting. While the RBI has granted approval, the transaction is subject to certain conditions, and the bank is awaiting other necessary statutory and regulatory approvals as mandated by applicable laws. ICICI Securities is a prominent retail-led equity franchise, a distributor of financial products, and an investment bank, and the move is expected to streamline and consolidate the bank’s operations.
ICICI Bank Receives RBI Approval to Acquire Full Ownership of ICICI Securities
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