ICICI Bank to sell Mumbai's Prabhadevi property for 100 crore

ICICI Bank is set to sell one of its residential buildings in central Mumbai's Prabhadevi for about 100 crore, in line with the strategy of India's second-largest bank to offer its executives compensation for rent instead of accommodation as part of their annual package.

The bank has already identified a prospective buyer and the deal is likely to be concluded within two weeks, persons familiar with the matter told ET.

The six-storey building, known as ICICI Apartments, is spread over nearly half an acre on Cadell Road, barely 100 metres from the seashore, and offers a clear view of the sea from the third floor upwards. An email query sent by ET to ICICI Bank did not elicit any response.

Several firms have discontinued the practice of offering accommodation to their senior executives as part of the compensation and started paying them a component for rent.

ICICI Bank had about three years ago sold a prime 13-storey residential building in Prabhadevi that housed its top executives. Earlier this year, Citibank and GlaxoSmithKline sold their jointly owned residential building next to Mukesh Ambani's 27-storey house Antilla on south Mumbai's Altamount Road for 128 crore.

Multinational banks such as HSBC and Standard Chartered Bank also sold their jointly owned residential building, Bishopsgate, on south Mumbai's Breach Candy in 2011.

Senior executives of both banks used to reside in Bishopsgate until it was put on the block.

On Monday, shares of ICICI Bank closed at 866.25 a piece on the Bombay Stock Exchange, down 1% over Thursday's close.

Source: EconomicTimes