ICICI Bank has acquired 8.85% stake in Avenues Payment India (APIPL) to promote adoption of digital cross border remittance platforms for corporate and retail customers. Since the acquisition of shareholding is less than 10%, the bank does not require regulatory approval. The bank is planning to close the acquisition of shares by October 2018.
Avenues Payment started operations in January 2012 and has turnover of 12.0 million and is present in India, United Kingdom and Australia. It provides a global remittance platform catering to both Business-to-Consumer (B2C) and Business-to-Business (828) market segments.
ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.
