Linklaters advises as ICICI Bank sells Russian subsidiary

Linklaters has advised India’s largest private sector lender, ICICI Bank, on the sale of its banking arm in Russia to Russian bank Sovcombank ICB JSC.  

With this sale, ICICI Bank still has operations in 18 countries.  

Narayan Iyer, Linklaters’ Head of India, said: “The sale marks the end of an interesting foray by ICICI into the Russian market. A number of Indian corporates continue to invest in Russian and neighbouring countries whilst India is increasingly becoming a key business destination for Russian enterprises.  

The Linklaters team advising ICICI Bank was led by Corporate partner Hugo Stolkin and included Narayan Iyer 

Linklaters is recognised as having the leading India practice of any international law firm.  Recent deals on the sub-continent that Linklaters has advised on include advising Brookfield Property Partners on India’s largest real estate deal of the year, advising the banks on the US$6.85bn Indian refinancing for the Tata Corus group (the largest refinancing involving an Indian group this year), advising Suzlon Energy Limited, one of the world’s largest wind turbine supplier, on India’s largest bond restructuring, advising Indian entrepreneur BR Shetty on his acquisition of Travelex Group and RBS on the sale of its Indian credit card and retail mortgage portfolios and business banking division to Ratnakar Bank.  

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