ICICI Holdings becomes ICICI Financial Services

With a week left for the opening of ICICI Bank FPO, the parent has changed the name of its subsidiary ICICI Holdings to ‘ICICI Financial Services’ giving more clarity to the nature of business being carried out by the subsidiary which is life insurance, general insurance and asset management.

ICICI Bank has also made a private placement of 5.9% stake for Rs. 2,650 crores to PE investors among GIC, Temasek Goldman Sachs, Swiss Re, Nomura and others subject to Govt. approval. This values ICICI Financial Services at an astronomical Rs. 44,600 crores or $11 billion, which is more than what the market had expected.