Banking

ICICI Bank part-sells stakes in two insurance firms

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599_Icici-bandra_kurla_complexCountry’s largest private sector bank ICICI Bank has has sold nine per cent stake in its general insurance venture ICICI Lombard while two per cent stake in life insurance subsidiary ICICI Prudential for about Rs 2,200 crore.

In a statement, the bank said that it sold nine per cent shareholding in ICICI Lombard General Insurance Company to its joint venture partner Fairfax Financial Holdings.

Prem Watsa-run Fairfax Financial Holdings acquired an additional nine per cent stake in ICICI Lombard General Insurance Company for an estimated Rs 1,550 crore. The transaction values the company at Rs 17,225 crore.

Following the transaction, Fairfax holding has gone up to 35 per cent in ICICI Lombard.

In another stake transfer, ICICI Bank sold two per cent stake in ICICI Prudential Life Insurance Company to Compassvale Investments Pvt Ltd, an indirectly wholly-owned subsidiary of the Singapore-based investment Company, Temasek.

The two per cent stake sale has fetched ICICI Bank about Rs 650 crore. The transaction values the company at Rs 32,500 crore.

Following completion of the transaction, ICICI Bank will hold approximately 68 per cent share of the company.

Prudential Plc, the foreign joint venture partner will maintain its current holding of approximately 26 per cent.

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