New Delhi: ICICI Bank on Monday said it has repatriated excess funds from its two overseas subsidiaries as part of capital optimisation and return on equity plans.
"The bank has, in March 2015, received further equity capital repatriation of CAD (Canadian dollar) 80 million from ICICI Bank Canada and $75 million from ICICI Bank UK," the private sector lender said in a filing to the BSE.
The bank has commenced efforts for repatriating capital from its overseas banking subsidiaries in order to optimise capital for the ICICI Group and improve its return on equity, it said.
The bank had repatriated $100 million of capital from its wholly-owned subsidiary in the UK in March 2013 and 75 million Canadian dollars from its wholly-owned subsidiary in Canada in May 2013.
ICICI Bank Canada and ICICI Bank UK had capital adequacy ratios of 33.2 per cent and 21.8 per cent, respectively as on December 31, 2014.
Post-repatriation, share capital of ICICI Bank Canada is 777 million Canadian dollars and that of ICICI Bank UK is $420 million.
"ICICI Bank Ltd already has a strong capital adequacy ratio, and the above return of capital would further improve the same and enhance ICICI Bank's ability to optimise capital deployment and return on equity," the bank said.
As of 2:51 p.m., shares in ICICI Bank were trading at Rs 318.10 apiece on the BSE, up 1.18 per cent from the previous close.