ICICI Bank buys 1.33% in USE

ICICI Bank has joined the United Stock Exchange (USE) shareholder base by acquiring a 1.33 per cent stake. The bank is a major participant in the forex market. A statement issued by USE pointed out that the move by India’s largest private sector bank further strengthens the bank shareholder base of the exchange, which is all set to launch operations in the currency derivatives segment.

“We have an illustrious list of shareholders, comprising all 21 public sector banks, public sector units, leading private sector banks and corporate institutions like BSE. With ICICI Bank becoming the 26th bank to join us, we now have the support of almost the entire banking fraternity. This association will allow us to reach new customers in both institutional and retail segments, thereby expanding currency trading in this country,” USE CEO and MD T S Narayanasami said.