ICICI Bank to launch fund of funds: Report
India's largest private bank, ICICI Bank, is planning to launch a fund of funds, the Economic Times newspaper reported on Tuesday.
"Although the size is yet to be finalised, the bank is looking at eventually a multi-billion dollar fund to invest in other India-related funds," the report said.
It said industry officials pegged the initial size of the fund at $500 million which would expand to around $2.5 billion.
A spokesman for ICICI, which is also listed in New York, said he could not comment on the report.
The newspaper quoted an unidentified official of the bank as confirming the move. It also said the fund would be launched by the bank's Mauritius subsidiary, ICICI International Mauritius, which provides investment and asset management services.
The fund of funds will initially target private equity funds which have an India focus, the report said, adding the bank was currently in talks with a host of potential investors and funds.
ICICI is India's second-largest lender and last week it sold $2 billion in five-year notes in the United States, Asia and Europe.
A spokesman said in September the bank was setting up a $2 billion infrastructure fund and earlier this year it raised $4.9 billion in India's largest-ever share offering.
It shares closed 0.5 percent down at Rs.1,058.05 in a firm Mumbai market on Monday. The market was closed for a holiday on Tuesday.
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