ICICI Bank board approves sale of 9% stake in ICICI Lombard General Insurance Company to Fairfax Financial

The proposed transaction values the company at Rs. 17,225 crore (US$ 2.6 bn). The transaction is subject to governmental and regulatory approvals.

The Board of Directors of ICICI Bank Limited has approved the sale of 9% shareholding in ICICI Lombard General Insurance Company Limited (“the Company”) to its joint venture partner, Fairfax Financial Holdings Limited (“Fairfax”). The proposed transaction values the Company at Rs. 17,225 crore (US$ 2.6 billion). The transaction is subject to governmental and regulatory approvals.

Upon completion of the transaction, the share ownership in the Company of ICICI Bank and Fairfax will be approximately 64% and 35%, respectively. The transaction reflects the Company‟s franchise as the leading private sector general insurer in India, the substantial potential for profitable growth of the business and the strong relationship between the joint venture partners.