ICICI Lombard ceases to be subsidiary of ICICI Bank post merger with Bharti AXA

ICICI Lombard ceases to be subsidiary of ICICI Bank post merger with Bharti AXA

• The ICICI Lombard General Insurance has ceased to operate as the subsidiary of the ICICI Bank, as the shareholding of the ICICI Bank in the company has come down from 51.86 percent to 48.08 percent, after the merger of Bharti AXA with the ICICI Lombard.
• For being a subsidiary, the parent company must own at least 50% of the equity in the subsidiary company.

Points to Remember:

1. Which subsidiary of ICICI Bank has ceased to be its subsidiary?
2. What is the share of ICICI Bank in ICICI Lombard? 48.08%
3. ICICI Lombard has merged with which insurance company?

Source: Business Standard