The country’s largest private sector lender, ICICI Bank, at a meeting of its board of directors on Friday decided to sell its stake in ICICI Bank Eurasia (IBEL). Russia’s Sovcombank is expected to buy the stake in IBEL, which is a non-material wholly-owned banking subsidiary of ICICI Bank.
“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”, said ICICI Bank. At the end of the second quarter of the current fiscal, IBEL had assets of RUB 4.5 billion and paid-up equity capital of RUB 1.6 billion.