New Delhi: ICICI Bank on Tuesday said it cannot be termed as a foreign bank and is awaiting for further clarification on the circular regarding new Foreign Direct Investment (FDI) norms.
Commenting on the concerns that ICICI Bank and some other domestic banks could be classified as foreign-owned in accordance with the government's new FDI guidelines, ICICI Bank Joint Managing Director Chanda Kochhar said, “nothing has changed in the ownership” to make it a foreign-owned bank.
“The shareholding pattern of the bank has remained like this for many-many years. There is nothing that has changed in the ownership pattern,” Kochhar told reporters on the sidelines of an event organised by FICCI in the Capital.
“If there is further clarification (on the circular) that can come, that is what everybody is awaiting,” she added.
The Government, earlier this year, came out with new guidelines for FDI, as per which total foreign holding in a company should include the stake held by non-resident Indians, equity through American and global depository receipts as also foreign currency convertible bonds and convertible preference shares.
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