The country’s largest private lender ICICI Bank has teamed up with private equity major Apollo Global Management to launch an asset reconstruction company.
ICICI and Apollo have signed a memorandum of understanding to set up the ARC, which will acquire debt from lenders and take equity stakes in borrowers.
ICICI BankICICI Bank (Industrial Credit and Investment Corporation of India) is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India, with its registered office in Vadodara.
In 2014, it was the second largest bank in India in terms of assets and third in term of market capitalization.
It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life/non-life insurance, venture capital and asset management
- ‘Best Retail Bank in India’ at the Asian Banker International Excellence in Retail Financial Services Awards 2016. ICICI Bank has won this award three years in a row.
- Winner at the ‘Global Safety Awards 2016’ organized by the Energy and Environment Foundation. This award is sponsored by Ministry of Petroleum & Natural Gas and Ministry of Coal, Government of India.
ICICI Bank
Founded: 1994
Headquarters: Mumbai, Maharashtra
Current Head: M. K. Sharma (Chairman), Mrs. Chanda Kochhar (MD & CEO)
