The Prudential Authority (PA) of South Africa has granted ICICI Bank Limited South Africa Branch’s (ICICISA) request for the cancellation of its authorisation to conduct the business of a bank by means of a branch in the Republic of South Africa.
The PA has regarded ICICISA’s authorisation to conduct the business of a bank by means of a branch in the Republic as being cancelled with effect from December 15, 2022, the private sector lender said in an exchange filing.
The cancellation has been granted by the PA with the concurrence of the Financial Sector Conduct Authority.
The Bank started its first full-service branch in Johannesburg in January 2016. It was the first Indian private sector bank to open a branch in the African continent.