ICICI Bank has entered a ₹21.4 billion agreement to acquire up to an additional 2% shareholding in ICICI Prudential Asset Management from Prudential Corporation Holdings Limited (PCHL). This strategic move reinforces ICICI Bank’s commitment to strengthening its asset management business and expanding financial services reach.
ICICI Bank has executed a share purchase agreement with Prudential Corporation Holdings Limited (PCHL) to acquire an additional stake of up to 2% in ICICI Prudential Asset Management Company. The deal, valued at ₹21.4 billion, marks a significant step in ICICI Bank’s strategy to deepen its presence in the asset management sector.
ICICI Prudential Asset Management is one of India’s leading mutual fund houses, offering a broad spectrum of investment products to retail and institutional investors. By increasing its shareholding, ICICI Bank aims to leverage synergies between banking and asset management, enhancing product offerings and customer engagement. This acquisition aligns with growing investor interest in mutual fund investments and ICICI Bank’s goal to strengthen its foothold in wealth management.
The transaction is subject to regulatory approvals and is expected to further consolidate ICICI Bank’s position as a key player in India’s financial ecosystem.
Key Highlights
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Agreement value: ₹21.4 billion for additional up to 2% stake in ICICI Prudential AMC.
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Seller: Prudential Corporation Holdings Limited (PCHL).
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Strategic intent: Strengthening ICICI Bank’s asset management business and wealth management offerings.
Regulatory approvals awaited for deal completion.
Sources: ICICI Bank official filings, Screener.in.