ICICI Bank gets PFRDA nod to acquire ICICI Pru Pension Funds
This story was originally published at 16:28 IST on 6 January 2026
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NEW DELHI – ICICI Bank has recieved approval from the Pension Fund Regulatory and Development Authority Monday to acquire ICICI Prudential Pension Funds Management Co. Ltd., the bank informed exchanges Tuesday.
The lender had proposed to acquire stake held by ICICI Prudential Life Insurance Co. Ltd. in the pension fund management company to make the latter a wholly owned subsidiary of the bank. In July, ICICI Bank had said its board approved the acquisition proposal for a cash consideration of INR 2.04 billion.
ICICI Bank had reported a net profit of INR 123.59 billion for the September quarter on total income of INR 493.33 billion. On Tuesday, shares of the bank closed 2.9% higher at INR 1,411 on the National Stock Exchange.
This comes days after PFRDA gave in principle approval to a framework that permits scheduled commercial banks to independently set up pension funds to manage the corpus under National Pension System. The proposed framework aims to address regulatory constraints that have limited bank participation to date, the PFRDA said Thursday.
"By introducing a clearly defined eligibility criteria based on net worth, market capitalisation and prudential soundness in line with RBI (Reserve Bank of India) norms, it will ensure that only well-capitalised and systemically robust banks are permitted to sponsor pension funds," the regulator had said in a release. End
Reported by Priyasmita Dutta
Edited by Akul Nishant Akhoury
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