ICICI Bank, India’s largest private sector bank, has received its board's approval for selling 9.0% shareholding in ICICI Lombard General Insurance Company (the Company) to its joint venture partner, Fairfax Financial Holding. The proposed transaction values the Company at Rs 17,225 crore ($ 2.6 billion). The transaction is subject to governmental and regulatory approvals. Upon completion of the transaction, the share ownership in the Company of ICICI Bank and Fairfax will be approximately 64% and 35%, respectively. The transaction reflects the Company’s franchise as the leading private sector general insurer in India, the substantial potential for profitable growth of the business and the strong relationship between the joint venture partners.
ICICI Bank is India's largest private sector bank. The Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 17 countries, including India.
