ICICI Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on December 05, 2014, approved a proposal for the sale of ICICI Bank's shareholding in ICICI Bank Eurasia Limited Liability Company (IBEL), a non-material wholly-owned banking subsidiary in Russia, to Sovcombank, an unrelated third party Russian bank.
At 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. IBEL accounted for less than 0.1% of ICICI Bank's consolidated total assets at that date and consolidated profit after tax for the period.
The sale is subject to execution of definitive agreements and regulatory approvals. The purchase price will be determined on the transaction completion date based on the financial statements of IBEL at that date. The transaction is expected to conclude by the end of the financial year.