ICICI Securities to now be Wholly Owned by ICICI Bank
On November 9, ICICI Bank received approval from the Reserve Bank of India to make ICICI Securities a wholly-owned subsidiary.
"We would like to inform you that today the bank has received approval from Reserve Bank of India for making ICICI Securities a wholly owned subsidiary, subject to certain conditions," the bank stated in a press release.
On June 26, the bank stated that it would consider delisting its institutional and retail broking arm, ICICI Securities. The delisting proposal was approved by the company's board of directors on June 29. Following various regulatory approvals, the acquisition is expected to be completed within the next 12-15 months.
ICICI Bank Limited is a Mumbai-based multinational bank and financial services firm with a registered office in Vadodara. It provides a broad range of banking and financial services to corporate and retail customers through a network of delivery channels and specialised subsidiaries in investment banking, life and non-life insurance, venture capital, and asset management.
This development finance institution has a presence in 17 countries and a network of 5,900 branches and 16,650 ATMs across India. The bank has subsidiaries in the UK and Canada, as well as branches in the US, Singapore, Bahrain, Hong Kong, Qatar, Oman, the Dubai International Finance Centre, China, and South Africa.
ICICI Securities is one of India's largest brokerage firms, providing online and offline share trading, mutual fund buying and selling, demat accounts, portfolio management services, insurance, fixed deposits, and loans. The company is headquartered in Mumbai and is traded on the Bombay Stock Exchange and the National Stock Exchange. ICICI Securities is also a Merchant Banker registered with the Securities and Exchange Board of India (SEBI). The company was founded in 1995 and has offices throughout India.