ICICI Bank Likely To Renew Efforts For FIPB Approval

Mumbai: ICICI Bank has said that it will take further measures to get Government clearance for foreign investments in its investment holding subsidiary. The bank, however, said that there could be no assurance that it would get the requisite approval. The bank said it understands that the Foreign Investment Promotion Board (FIPB) had earlier refused its proposal for seeking foreign investment in that company. The FIPB clearance will indirectly increase the foreign equity in the insurance venture beyond the prescribed limit of 26 per cent. The bank said it had got definitive offers from foreign investors for equity participation in the holding company. The bank has established a new subsidiary by transferring its equity investments in insurance and asset management businesses.