ICICI Pru valued at Rs8,000-12,000-cr
Kolkata: Independent valuers have fixed ICICI Prudential Life Insurance Co's valuation at between Rs8,000-12,000 crore, according to company officials. The assessment has been arrived at after the company, recently went in for a valuation exercise.

ICICI Pru has a capital base of over Rs1,300 crore and the sum assured by the company currently stands at more than Rs56,000 crore. According to ICICI officials, the company's assets under management now stand at over Rs10,000 crore. For the quarter ended June, the company clocked over Rs800 crore in weighted new business premium and it also underwrote more than three lakh policies.
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RBI's tech excellence award for the South Indian Bank
Kochi: The South Indian Bank has won a special award for excellence in banking technology from the Institute for Development and Research in Banking Technology (IDRBT).

The bank has awarded in recognition of the excellent contribution that it has made in the area of information systems security policies and practices, according to a bank release.

IDRBT, which is the technical arm of the Reserve Bank of India, announced the award after scrutinising all categories of banks in India, such as public sector, private sector, foreign and co-operative.

Dr V.A. Joseph, chairman and CEO of the South Indian Bank, received the award from Dr Y.V. Reddy, RBI Governor.
The South Indian Bank is the only private sector bank hailing from an older era to receive this award.
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ICICI Bank board to consider takeover of United Western Bank
Mumbai: ICICI Bank, through a statement, has said that its board will meet on Monday to consider taking over the struggling United Western Bank (UWB).

The RBI, on Saturday, had placed the United Western Bank under moratorium till December 1, in order to protect its depositors. It had also said that its aim was to merge the bank with a stronger one.

"The board will meet on Sept. 4 to consider whether an expression of interest should be submitted to the Reserve Bank of India (RBI) for amalgamation of United Western with ICICI Bank," ICICI said in a statement on Sunday.

If ICICI Bank takes over UWB it would be the NYSE-listed its second major acquisition, after having taken over the Bank of Madura, establishing its presence in South India in the process.

"Inefficient management, "according to RBI, has allowed the UWB's capital to risk weighted assets ratio (CRAR) to turn negative and bad loans to rise much above the levels of its peers.

Earlier, the RBI had merged Global Trust Bank with the state-run Oriental Bank of Commerce and the Nedungadi bank with the state-run Punjab National Bank.
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