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ICICI Bank to retain housing arm

ICICIICICI Bank has shelved plans to sell its stake in the wholly-owned subsidiary ICICI Home Finance. The bank’s ED Anup Bagchi said ICICI Home Finance has always been an extension of the bank, but the plan now is to make it a separate subsidiary. The housing finance company is now expected to fill the spaces where the bank has not been able to fill and will provide home loans to customers with self-assessed income. ICICI Home Finance has a substantial loan book and is now intending to have a size in excess of Rs 300 billion, Bagchi said, adding the central government’s plan to provide houses to all by 2022 offers a great opportunity for the HFC. The company has always been focusing on the salaried customers as the bank has been doing but now this may change, and it would cater mostly to the needs of the self-assessed customers, especially in the tier2,3, and 4 centers.

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