ICICI bank approves making Lombard a subsidiary again

(In insurance ventures, banks can hold either less than 30% or more than 50% in accordance with the Reserve Bank of India guidelines.) ICICI Bank (the bank) currently holds 48.02% stake in ICICI Lombard (Lombard). Originally, the plan of ICICI bank was to reduce this stake to 30% for which RBI had allowed the bank … Read more

ICICI Prudential Mutual Fund launches scheme on innovation theme

ICICI Prudential Mutual Fund has launched an innovation fund which will invest in domestic and foreign companies involved in either product or solution related innovation. The scheme will invest across market capitalisation and sectors. The new fund offer, which opened on April 10, will close on April 24.   In a press release, the fund … Read more

Bagchi takes over from Kannan at ICICI Pru Life

N. S. Kannan, current MD & CEO of ICICI Pru Life, is retiring on the completion of his tenure on June 18, 2023. He is being replaced by Anup Bagchi, an old hand with the ICICI group since 1992. Anup has extensive experience across domains and is currently the Executive Director of the ICICI Bank. … Read more

In share swap deal, ICICI Lombard to acquire Bharti AXA General Insurance

In a regulatory filing late Friday, ICICI Lombard said the boards of the two companies — ICICI Lombard and Bharti AXA General — had met on Friday and approved entering into definitive agreements for demerger of Bharti AXA’s non-life insurance business into ICICI Lombard through a Scheme of Arrangement. According to ICICI Lombard, the shareholders … Read more