ICICI Financial Services receives Irda approval

NEW DELHI: ICICI bank has received nod from the Insurance Regulatory and Development Authority (IRDA) for the establishment of ICICI Financial Services, subject to the approval of the RBI. The bank proposed to create a new holding company to transfer investments of asset management company, ICICI Prudential Asset Management Co and two insurance companies ICICI Prudential Life Insurance and ICICI Lombard General Insurance. There were no objections for the creation of the holding company by the ICICI Bank. ICICI has already chosen overseas investors for a 5.9% private placement valued at Rs 2,650 crore of the new NBFC.