ICICI Bank exits IMSPL with 19% stake sale; deal set for June 2025 closure

ICICI Bank signs share purchase agreement for IMSPL stake sale; transaction awaits regulatory and statutory approvals, with completion expected by June 30, 2025

ICICI Bank has announced its decision to divest its entire 19 per cent stake in ICICI Merchant Services Private Limited (IMSPL).

The bank has entered into a share purchase agreement with First Data Holding I (Netherlands) BV, its nominee First Data (India) Private Limited, and Fiserv Merchant Solutions Private Limited (formerly IMSPL) for the sale of its stake in the company, it said in a regulatory filing. 

ICICI Bank further said that the completion of necessary procedures and the transfer of shares would be communicated in due course. This decision follows the bank’s earlier announcement in December 2024, when its board approved the proposal to sell its 19 per cent stake in IMSPL.   

Once the transaction is finalised, IMSPL will cease to be an associate entity of ICICI Bank. The sale is subject to required regulatory and statutory approvals and is expected to be completed by June 30, 2025, news agency PTI reported.  On Tuesday, shares of ICICI Bank closed at Rs 1,318.15 on the BSE.

 

Employees allege unfair dismissal  

Last week, a group of employees, who claimed to have been unfairly dismissed by ICICI Bank, met Congress leader Rahul Gandhi. During the meeting, they shared personal accounts of being ‘abruptly terminated’ while on medical leave or after raising concerns about management practices.   

According to the delegation, some employees were dismissed while on approved medical leave, during sanctioned absences, or after voicing concerns over workplace policies.   

In response to these allegations, ICICI Bank issued a statement denying claims that it had terminated hundreds of employees in recent months without adhering to due process.   

“We would like to categorically state that we do not terminate any employee of the bank unless there are issues of integrity or misconduct. Being a law-abiding organisation, we follow employment law and practices in both letter and spirit,” the bank told Business Standard. 

“With respect to the allegation that we have separated 782 employees, we would like to inform you that these are cases of voluntary abandonment of services,” the bank said.