ICICI Bank and Prudential of the United Kingdom {Prudential) today announced that they are restructuring the shareholding in their Indian asset management joint venture - Prudential ICICI Asset Management Company (Prudential ICICI AMC). According to a release issued to the BSE, ICICI Bank has agreed to purchase from Prudential, an additional 6% share of the paid-up equity capital of Prudential ICICI AMC and Prudential ICICI Trust, the trustee company for Prudential ICICI Mutual fund. The transaction will bring ICICI group's share to 51% while Prudential will hold 49%. The transaction is subject to Sebi's and such other approvals as may be required.Both partners reiterate their continuing commitment to the growth of their successful partnership in the life insurance and asset management JVs. Both partners also look forward to the opening up of the pensions sector and to further strengthening of their relationship in the life insurance joint venture as regulations permit, the release added.
