ICICI Bank has received regulatory approval from IRDAI to increase its ownership stake in ICICI Lombard General Insurance by an additional 4 %. The bank can increase the stake in the insurance firm through one or more tranches by August 31, 2024.
The bank’s board had approved the proposal to increase its stake in the insurance company in multiple tranches in May. ICICI Bank currently holds a 48.01 % stake in ICICI Lombard General Insurance as of June 2023. The additional stake buying will make ICICI Lombard a subsidiary of the bank. In 2021, the bank reduced its stake in the insurance company from 51.87 % to 48.08 % after ICICI Lombard acquired Bharti AXA General Insurance. RBI had approved the bank’s shareholding increasing proposal on August 4, 2023.
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