ICICI Prudential picks up stake in Fino Paytech; may venture into payment bank
DSIJ Intelligence / 18 Jan 2017
The country’s second largest lender ICICI Bank’s insurance arm ICICI Prudential Life Insurance has informed the exchanges in a filing that it has made an investment into Fino Paytech, a technology solutions provider for banking and insurance companies.
The country’s second largest lender ICICI Bank’s insurance arm ICICI Prudential Life Insurance has informed the exchanges in a filing that it has made an investment into Fino Paytech, a technology solutions provider for banking and insurance companies.
ICICI Prudential Life Insurance has acquired 8.41 per cent stake in Fino Paytech for close to Rs 100 crore by way of equity, preference shares and issuance of warrants. ICICI Prudential said that it has "completed the acquisition and obtained necessary approval from insurance sector regulator IRDAI".
Fino Paytech was one of the entities which was in principal granted payment bank licence by the RBI, along with other 11 players of which three have backed out from starting operations.
Payment Bank space is likely to see action in the coming months after Airtel started its payment bank services. Paytm is soon expected to follow suit.
The stock of ICICI Prudential was trading at Rs 337.05, up 1.61 per cent.
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