ICICI may stun markets - reverse merger with ICICI Bank
Mumbai: In an attempt to convert itself into an universal bank, financial institution, ICICI, may take the reverse merger route with ICICI Bank. It is understood that the term lending institution will shortly make a presentation to the Reserve Bank of India deputy governor Mr. S P Talwar on October 5 on its proposed conversion into a bank.

If its does, this will be the first instance of any financial institution making a presentation to the RBI on its plan to convert itself into a bank ever since the central bank has told financial institutions to chart out plans to become banks, in case they wish to do so.

While industry sources have been stating this fact for a long time, ICICI officials deny any move on the reverse merger and refused to comment on the proposed presentation to the RBI.
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