MUMBAI (Dow Jones)--India's ICICI Bank Ltd. (532174.BY) is close to finalizing a partner for its point-of-sale terminal business, Chief Executive Chanda Kochhar said Friday.
"We are coming close to finalization (of the partner) and then we will go through our process of regulatory approvals," Kochhar, who is also the bank's managing director, told Dow Jones Newswires.
Some media reports, citing unnamed sources, had earlier said the bank will hive off the business into a joint venture and sell a 81% stake to its partner for $80 million.
"It will be around those numbers (reported in the media) but the final amount is still being worked out," Kochhar said.
Point-of-sale terminals are used to swipe debit and credit cards for making payments.
Kochhar said also the bank doesn't need to raise any capital in the next two years as it is well capitalized.
India's largest private sector bank by assets will soon raise an infrastructure fund through unit ICICI Ventures.
The unit will raise the infrastructure fund after closing the third round of its regular private equity fund, Kochhar said.
