ICICI Bank receives capital repatriation of $100mn from UK subsidiary - Angel Broking

ICICI Bank has received capital repatriation of US$100mn (Rs. 550cr) from its UK subsidiary, in-line with the Management's guidance of consolidation in the overseas operations. The UK subsidiary had a strong CAR of 31.5% as of 3QFY2013, which would remain strong even after the repatriation. The repatriation would also marginally improve the already strong capital adequacy of ICICI Bank at 19.5%, (tier-I capital ratio at 13.5%), apart from slightly aiding its return on equity.

We maintain our Buy recommendation on the stock with a target price of Rs. 1,302.

Source : Equity Bulls

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