India ICICI Bank plans to list subsidiaries-report
MUMBAI, Jan 10 (Reuters) - India's top private bank, ICICI Bank Ltd (ICBK.BO), plans to list four subsidiaries, starting with its broking arm ICICI Securities, managing director K.V. Kamath told a local news agency.
India's most-valuable bank could also list two insurance firms and a housing finance arm, Kamath told the Press Trust of India.
"At current levels we are undervalued ... value is visible in insurance and asset management company, while there is value embedded in securities and home loan subsidiaries," Kamath said.
Reuters reported on Monday market talk that ICICI Bank was considering an IPO for its investment banking and broking unit. ICICI shares rose more than 6 percent on Monday, before falling on Tuesday and Wednesday. At 10:10 a.m. (0410 GMT) on Thursday they were up 4.1 percent.
Kamath told the Press Trust that the first listing could be in about six months, as the bank's board had not yet approved the plans, the report said.
Kamath also said ICICI Bank could also list its mutual fund arm and ICICI Ventures Ltd, a private equity firm, at some point.
"Every company needs to consider unlocking of value at various points of time ... at this point of time would be appropriate to start consider opportunities." (Reporting by Hiral Vora, Editing by John Mair)
