Temasek takes stake in ICICI Bank<\/p>\n
SINGAPORE: Singapore's state investment arm Temasek Holdings
\nbought a 5.2 percent stake in India's largest private lender,
\nICICI Bank, worth an estimated US$200 million, a report said on
\nSaturday.<\/p>\n
The Business Times said Temasek bought about 32 million shares
\nfor and estimated cost of 9.15 billion rupees ($200 million)
\nbased on ICICI Bank's share price of 286 rupees on Friday.<\/p>\n
The stake was purchased over time in the open market, the
\nreport said.<\/p>\n
It was Temasek's second stake in an Asian financial
\ninstitution in as many months.<\/p>\n
Temasek, through the Sorak Financial Holdings Consortium,
\nacquired a stake in Bank Internasional Indonesia last month.<\/p>\n
Temasek's other partners in the consortium are Kookmin Bank of
\nSouth Korea, Barclays plc of Britain and the International
\nCommercial Bank Group of Malaysia. The consortium has taken a 51
\npercent stake in the Indonesian bank.<\/p>\n
The investment in India "fits well with Temasek's focus of
\ntapping commercially sound opportunities in Asia's financial
\nservices sector," a spokesman for the company was quoted as
\nsaying. -- AFP<\/p>",
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