ICICI gets Rs 400 crore from its Canadian arm
Mumbai: Private sector lender ICICI Bank Thursday said its Canadian subsidiary has repatriated Canadian dollars 75 million (about Rs 400 crore) of capital back to the parent.
The move is part of the bank's efforts to improve its return on equity by optimally using the capital and comes within two months of its British subsidiary repatriating USD 100 million, the bank said in a statement.
The bank's Canadian subsidiary had a very high capital adequacy ratio of 33.2 percent prior to the repatriation and post-transfer, its share capital will be CAD 857 million, the bank said, without giving the exact figure on capital adequacy now.
The Canadian subsidiary's "capital adequacy ratio continues to be strong", it added.
The bank's total capital adequacy ratio had stood at 18.74 percent as of March 31, 2013, while its consolidated return on equity stood at 14.7 percent in FY13.