ICICI Bank will sell its Russian subsidiary ICICI Bank Eurasia to Sovcombank, thus exiting from Russia. The subsidiary is a profit making unit for the bank. The bank will cater to its Russian customers through other subsidiaries. It said in a statement that the board of the bank has approved a proposal to sell the shareholding in the ICICI Bank Eurasia to Sovcombank, an unrelated third party Russian bank. The subsidiary had total assets of 4.5 billion rouble and paid-up equity capital of 1.6 billion rouble. Its profit after tax in the six months ended 30 September 2014 was 28 million rouble. It accounted for less than 0.1% of ICICI Bank’s consolidated total assets and consolidated profit after tax. The statement added that the purchase price will be determined on the transaction completion date based on the financial statements of IBEL at that date. The transaction is expected to conclude by the end of the financial year, it added. The subsidiary came into existence after ICICI Bank acquired the entire paid-up capital of Investisionno-Kreditny Bank, which was then renamed in 2005 as ICICI Bank Eurasia.
