ICICI Bank says yet to decide on stake sale in Home Finance unit

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ICICI Bank, India’s biggest private sector lender by assets, said on Friday it keeps receiving enquiries from potential suitors for its home finance unit but has yet to decide on whether to sell its stake.

The lender was commenting after the Economic Times newspaper reported that the unit, ICICI Home Finance, could be valued at around $700 million.

ICICI Bank’s mortgage business is primarily done within the bank and ICICI Home Finance, which is fully owned by the bank, accounts for a small portion of home loans, a bank spokesman said.

Central Bank of India, a state-run lender, has also been trying to sell all or part of its home finance unit to focus on its core business.