The bank will cater to Russian clients through its subsidiaries in other countries
Country's largest private sector lender ICICI Bank on Wednesday said it has sold its profit making Russian subsidiary ICICI Bank Eurasia Limited Liability Company (IBEL) to Sovcombank - marking its exit from Russia.
"The bank board had approved sale of the bank's non-material wholly-owned banking subsidiary in Russia, to Sovcombank... The sale has concluded on March 17," ICICI Bank said in a filing on the BSE.
With this sale, ICICI Bank has exited from Russia and will be left with operations in 18 countries including India.
According to sources, the bank will cater to Russian clients through its subsidiaries in other countries.
As on September 30, 2014, IBEL had total assets of 4.5 billion rouble and paid-up equity capital of 1.6 billion rouble.
IBEL's profit after tax in the six months ended September 30, 2014 was 28 million rouble. The Russian subsidiary accounted for less than 0.1 per cent of ICICI Bank's consolidated total assets and profit.
It had acquired entire paid-up capital of Investisionno- Kreditny Bank LLC (IKB LLC) which was renamed in 2005 in ICICI Bank Eurasia LLC -- one of the 150 largest Russian banks as per the Interfax data of 2008.
It was offering a wide range of corporate and investments finance products, as well as provides services for retail customers.
ICICI Bank scrip closed at Rs 334.65, up 0.10 per cent, on the BSE.