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Shares of ICICI Bank will remain in focus, as the board of directors of ICICI Bank on Friday approved a proposal for the sale of ICICI Bank’s shareholding in ICICI Bank Eurasia Limited Liability Company (IBEL) to Sovcombank, an unrelated third party Russian bank.
IBEL is a non-material wholly-owned banking subsidiary of ICICI Bank in Russia.
At September 30, 2014, IBEL had total assets of RUB 4.5 billion (about Rs 525 crore) and paid-up equity capital of RUB 1.6 billion (about Rs 185 crore). IBEL’s profit after tax in the six months ended September 30, 2014 was RUB 28 million (Rs 3.25 crore).
IBEL accounted for less than 0.1% of ICICI Bank’s consolidated total assets at that date and consolidated profit after tax for the period.
The sale is subject to execution of definitive agreements and regulatory approvals. The purchase price will be determined on the transaction completion date based on the financial statements of IBEL at that date. The transaction is expected to conclude by the end of the financial year.
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