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ICICI Bank and Prudential restructure operations
By siliconindia
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Friday, 11 March 2005, 20:30 IST
MUMBAI: ICICI Bank Limited and Prudential plc of the United Kingdom today announced that they are restructuring the shareholding in their Indian asset management joint venture, Prudential ICICI Asset Management Company Limited.
ICICI Bank has agreed in principle to purchase from Prudential, an additional 6 percent share of the paid-up equity capital of Prudential ICICI AMC and Prudential ICICI Trust Limited, the trustee company for Prudential ICICI Mutual Fund. The transaction will bring ICICI group's share to 51 percent while Prudential will hold 49 percent.
Both partners also look forward to the opening up of the pensions sector and to the further strengthening of their relationship in the life insurance joint venture as regulations permit.
Prudential entered into a joint venture agreement with the erstwhile ICICI Limited (since merged with ICICI Bank) in 1997 and since then the asset management company has grown rapidly with assets under management increasing from 
1.60 billion in 1998 to 179.00 billion. Prudential ICICI AMC has moved from being the 14th ranked asset management company in 1998 to the number 1 private sector mutual fund company in India, with a market share of 11.4 percent.
1.60 billion in 1998 to 179.00 billion. Prudential ICICI AMC has moved from being the 14th ranked asset management company in 1998 to the number 1 private sector mutual fund company in India, with a market share of 11.4 percent.