Mumbai: ICICI Bank, on Monday, said it has been exempted from provisions of the Banking Regulation Act relating to its investments in its insurance companies. While the bank has no current plans for divesting stake to less than 50% in the life insurance company, it is looking to bring down its stake in the general insurance. “As previously announced by ICICI Lombard General Insurance Company Limited, it has proposed an acquisition of another general insurance business, which if consummated would result in ICICI Bank’s shareholding in ICICI Lombard General Insurance Company Limited reducing to less than 50%. The above exemption would facilitate compliance with the Banking Regulation Act," said the bank in its stock exchange notification. Last month, ICICI Lombard had said that its board has approved a proposal to merge Bharti AXA’s non-life insurance business with itself.

Source: Mint September 14, 2020 16:41 UTC