ICICI Bank Eyes Larger Stake in Prudential Asset Management Venture

ICICI Bank is considering increasing its stake in ICICI Prudential Asset Management, its joint venture with Prudential PLC. The bank may acquire an additional 3% stake, bringing its total ownership to 54%. This move comes ahead of a potential IPO for the asset management firm, which could help set the valuation for the listing. ICICI Bank aims to maintain its majority shareholding after allocating a 3% stake to employees. The strategic decision reflects ICICI's commitment to strengthening its position in India's growing asset management sector.

 

Source: Bloomberg News