RBI approves ICICI Securities as ICICI Bank's wholly owned subsidiary

New Delhi, Nov 9 (PTI) 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. PTI DP DP TRB TRB