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ICICI Bank cutting down equity in overseas units

Icici2ICICI Bank is cutting down its equity investment in its subsidiaries in the UK and Canada – from11.8% at the end of 31 March 2010, to 4.8% at the end of FY16. At the end of the quarter ended March, in rupee terms, the net advances of the overseas branches also decreased by 0.3%, whereas in US dollar terms, the net advances decreased 6%. M.S. Kannan, ED of the bank told analysts the portfolio of overseas branches is expected to further decline in US dollar terms. In line with its strategy of rationalizing capital invested in overseas subsidiaries under its approach to capital allocation, during the January-March quarter of 2016, the bank received capital repatriation of 87.1 million Canadian dollars (Rs 452 crore) from ICICI Bank Canada. The U.K. subsidiary repatriated total capital of $175 million (Rs 1,166 crore) since March 2013. At the end of FY16, the bank’s equity investment in Canada and the UK stands at Rs 2531 crore and Rs 1805 crore, respectively.

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