India''s biggest private-sector bank, ICICI Bank Ltd,
the country''s second largest lender after state-run State
Bank of India has received Foreign Investment Promotion
Board (FIPB) approval to divest 24 per cent stake in its
insurance business, ICICI Financial Services, to foreign
investors, sources close to the deal said.
proposal has been recommended for conditional clearance.
ICICI will have to take the clearance from the Reserve
Bank of India and the finance ministry," newspaper
reports quoted an unnamed government official as saying.
may be mentioned that in June, FIPB had refused approval
for sale of a 5.9-per cent stake in ICICI Financial Services
Ltd - the holding arm for insurance and asset management
ventures - for $650 million.
said Goldman Sachs and other foreign funds were interested
in buying the stake.
Financial Services holds 74 per cent of both ICICI Prudential
Life Insurance Co. and ICICI Lombard General Insurance
also owns 51 per cent of both ICICI Prudential Asset Management
Co. and ICICI Prudential Trust Ltd.