ICICI Bank gets RBI nod to raise stake in ICICI Lombard General Insurance Company.

Daily Current Affairs / ICICI Bank gets RBI nod to raise stake in ICICI Lombard General Insurance Company.

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Category : Business and economics Published on: August 09 2023

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ICICI Bank has received approval from the Reserve Bank of India (RBI) to raise its stake in ICICI Lombard General Insurance Company by up to 4% in various tranches.
The bank’s board of directors approved the increase in shareholding in ICICI Lombard as it aims to establish the company as a subsidiary of ICICI Bank.
The bank already holds a 48.02% stake in ICICI Lombard General Insurance.
ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Ltd. and Canada based Fairfax Financial Holdings Ltd.