ICICI Bank Ltd.

ICICI Bank, India’s largest private sector bank, has concluded the sale of its Russian subsidiary ICICI Bank Eurasia Limited Liability Company (IBEL) to Sovcombank, a mid-sized Russian bank. The sale has concluded on March 17, 2015.

Earlier on December 2014, the bank has received its board approval for sale of its shareholding in IBEL to Sovcombank, an unrelated third party Russian bank. As of September 30, 2014, IBEL had total assets of RUB 4.5 billion and paid-up equity capital of RUB 1.6 billion. IBEL’s profit after tax in the six months ended September 30, 2014 was RUB 28 million.

ICICI Bank is India’s largest private sector bank. ICICI 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 across 18 international locations.