Business Standard

SBI group gets RBI nod to increase stake in ICICI Bank to 9.99%

SBI MF owns 5.7% in ICICI Bank; approval valid for one year


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BS Reporter Mumbai
The Reserve Bank of India (RBI) has approved SBI Mutual Fund, along with other SBI group companies, to hold a 9.99% stake in ICICI Bank – the country’s second largest lender. 

“(ICICI) Bank has today received a copy of RBI letter dated March 23, 2022 addressed to SBIFML [SBI Mutual Fund] that it has accorded its approval to SBIFML together with all other group entities of SBI group for acquiring upto 9.99% of the paid-up equity capital of the Bank,” ICICI Bank said in a communication to the exchanges.

At the end of the December quarter, SBI Mutual Fund had

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First Published: Mar 23 2022 | 9:40 PM IST

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