State-owned Dubai International Capital said on Thursday it had bought 2.87 per cent of ICICI Bank, India's second-largest lender with more than $79 billion in assets.
The agency was now one of the largest investors in the Indian bank, Dubai International said in a statement, without saying how much it paid. The stake was worth Rs 30.03 billion ($741.5 million) at Thursday's closing price. "The strategic investment in ICICI supports the global diversification and growth mandate for DIC and its parent company, Dubai Holding...," Dubai International's chief executive, Sameer al-Ansari, said in the statement.
Dubai Holding is owned by the government of Dubai, which says it wants to build two of the world's largest financial institutions by 2015. Dubai International Capital and other state-owned agencies have bought into Deutsche Bank AG, HSBC Holding Plc and Standard Chartered Plc in the past 12 months.
ICICI Bank raised $4.9 billion in India's biggest share sale in June, pricing it at the upper end of a range after funds scrambled to get a piece of the financial sector in the world's second most populous country. By assets ICICI is second only to government-run State Bank of India and built its business by chasing consumer loans when India opened its economy in the 1990s and spurred rapid economic growth.
(Source: "The New Look" Economic Times )
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