ICICI Lombard General Insurance Company Limited has disclosed its acquisition of shares in State Bank of India (SBI), a major public sector bank. The total investment amounted to ₹1.72 billion, with the acquisition taking place over multiple tranches and concluding on October 28, 2026. This strategic move represents a minor holding of 0.02% post-acquisition, aligning with ICICI Lombard’s investment function.
ICICI Lombard Invests in State Bank of India
ICICI Lombard General Insurance Company Limited has announced the acquisition of shares in State Bank of India (SBI), India’s largest public sector bank. The total cost of acquisition for these shares was ₹1.72 billion, with the investment made in multiple tranches over a period of time. The acquisition was finalized on October 28, 2026.
Acquisition Details and Strategic Alignment
Following the acquisition, ICICI Lombard’s cumulative holding in State Bank of India stands at 0.02%. The disclosure indicates that this transaction does not constitute a related-party transaction. ICICI Lombard’s investment in SBI is consistent with its investment function, aiming to diversify its portfolio within the broader financial services sector.
About State Bank of India
State Bank of India, headquartered in Mumbai, is a prominent banking and financial services organization with an asset base exceeding ₹61 trillion. It serves over 50 crore customers through an extensive network of branches, ATMs, and business correspondent outlets. SBI has diversified business operations, including subsidiaries in insurance, mutual funds, and credit cards.
Financial Overview of SBI
The historical turnover data for State Bank of India shows a consistent upward trend:
- 2025-26: ₹7096.17 billion
- 2024-25: ₹6633.43 billion
- 2023-24: ₹5945.75 billion
Source: BSE
