Tuesday, January 19

ICICI Bank buys 8.85% stake in Avenues Payment


MUMBAI: ICICI Bank today announced acquisition of 8.85% stake in Avenues Payment India Private Limited to promote adoption of digital cross border remittance platforms for corporate and retail customers.

APIPL provides a global remittance platform catering to both Business-to-Consumer (B2C) and Business-to-Business (828) market segments.

Since the acquisition of shareholding is less than 10%, the bank does not require regulatory approval. The bank plans to close the acquisition of shares by October 2018.

Avenues Payment started operations in January 2012 and has turnover of 12.0 million and is present in India, United Kingdom and Australia.


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