ICICI Bank gets RBI nod to make ICICI Securities wholly-owned subsidiary

ICICI Bank on Thursday said ICICI Securities will be its wholly owned subsidiary following the approval of the Reserve Bank of India.

The ICICI Bank on June 29 had approved a proposal to delist ICICI Securities and become a wholly-owned subsidiary of the bank after delisting.

The bank has received approval from the RBI for making ICICI Securities a wholly owned subsidiary, subject to certain conditions, ICICI Bank said in a regulatory filing.

"Certain other statutory/regulatory approval(s), as required under applicable laws, are awaited," it said.

ICICI Securities, promoted by ICICI Bank, is the country's leading retail-led equity franchise, distributor of financial products and investment bank.