ICICI Bank to sell 9% stake in Lombard General Insurance Company

To JV partner Fairfax Financial Holdings

ICICI Bank announced that the Board of Directors of the Bank has approved the sale of 9.0% shareholding in ICICI Lombard General Insurance Company to its joint venture partner, Fairfax Financial Holdings. The proposed transaction values the Company at Rs 17,225 crore (US$ 2.6 billion). The transaction is subject to government and regulatory approvals.

Upon completion of the transaction, the share ownership in the Company of ICICI Bank and Fairfax will be approximately 64% and 35% respectively.

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