ICIC AMC to acqire Federal Bank's 9.95% stake

Kochi: Reserve Bank of India has given its nod to the Kerala-based lender Federal Bank to sell its 9.95 per cent stake to ICIC Prudential Asset Management Company (ICIC AMC).

According to a regulatory filing by Federal Bank, the country's Central Bank gave its consent subject to conditions on December 28.

The approval granted by the Reserve Bank of India (RBI) is subject to compliance with the relevant provisions of the Banking Regulations Act, 1949, RBI’s Master Directions and Guidelines on Acquisition and Holding of Shares or Voting Rights in banking Companies dated January 16, 2023, it said.

RBI also approved ICICI AMC to acquire a 9.95 per cent stake in RBL Bank and Finance Bank.