ICICI Bank Eyes Major Diversification

Sep 02 2002, 00:00 IST
Comments 0

After the merger of ICICI Ltd, ICICI Capital Services and ICICI Personal Financial Services with itself, ICICI Bank is planning to undertake new activities such as commodity trading and distribution of insurance products.

The bank proposes to purchase, acquire and deal or trade in commodities (not limited to bullion, metals, energy and energy products, electricity and agricultural products) as permitted for banking companies to undertake and to issue, acquire, dispose or trade in derivative instruments whether traded on any markets or exchange, a company official said.

The bank plans to promote, organise or manage activities of insurance intermediaries, including insurance or reinsurance brokers, consultants, risk managers, loss assessors and to buy sell, market, distribute deal in or dispose of insurance products and related instruments.

“These are enabling resolutions which will be taken up at the annual general meeting,” executive director Kalpana Morparia, when contacted, told FE.

The bank also plans to promote, own, establish and maintain data, call or contact centres or other facilities for trading, marketing, distribution or conducting transactions in financial and other products or services. It will continue to provide financial services, advisory and counselling services and facilities provided by share brokers, share dealers and investment fund managers and to arrange and sponsor public and private issues or placement of shares and loan capital and to underwrite and negotiate such issues.

It will carry on the business of assisting industrial, infrastructure and commercial enterprises by assisting in creation and expansion of such entities and providing finance in the form of long-, medium- or short-term loans, sponsoring and underwriting new issue of shares and securities.

Besides, the bank will continue to provide the diversified range of financial services which were provided by the erstwhile ICICI, ICICI Caps and ICICI Personal Financial Services.

The bank will also continue to provide financial services, advisory and counselling services and facilities provided by share brokers, share dealers and investment fund managers and to arrange and sponsor public and private issues or placement of shares and loan capital and to underwrite and negotiate such issues, the official added.

It will carry on the business of assisting industrial, infrastructure and commercial enterprises by assisting in creation and expansion of such entities, warehousing; providing finance in the form of long-, medium- or short-term loans and sponsoring and underwriting new issue of shares and securities.

Besides, the bank will keep on providing the diversified range of financial services which were provided by the erstwhile ICICI,

Single Page Format
TAGS:
Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...