Indian private sector lender ICICI Bank has closed the sale of its profit-making Russian subsidiary ICICI Bank Eurasia Limited Liability (IBEL) to Sovcombank, marking its exit from the country.
The sale will leave ICICI Bank with operations in 18 nations across the globe including India.
The bank, in a filing on the Bombay Stock Exchange, said: "The bank board had approved sale of the bank’s non-material wholly-owned banking subsidiary in Russia, to Sovcombank."
The bank said it will continue to cater to Russian clients through its subsidiaries in other countries.
IBEL, which had total assets of RUB 4.5bn ($74.8m), posted profit after tax of RUB28m ($0.5m) for the six months period ended 30 September 2014.
The Russian subsidiary accounted for less than 0.1% of ICICI Bank’s consolidated total assets and profit.