ICICI Bank 2009 Annual Report Download - page 95

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F21
6. Related party transactions
The Bank has transactions with its related parties comprising of subsidiaries, associates/joint ventures/other related entities
and key management personnel.
Subsidiaries
ICICI Venture Funds Management Company Limited, ICICI Securities Primary Dealership Limited, ICICI Securities Limited,
ICICI International Limited, ICICI Trusteeship Services Limited, ICICI Home Finance Company Limited, ICICI Investment
Management Company Limited, ICICI Securities Holdings Inc., ICICI Securities Inc., ICICI Bank UK PLC, ICICI Bank Canada,
ICICI Prudential Life Insurance Company Limited1, ICICI Lombard General Insurance Company Limited1, ICICI Prudential
Asset Management Company Limited1, ICICI Prudential Trust Limited1, ICICI Bank Eurasia Limited Liability Company and
ICICI Wealth Management Inc.
1. Jointly controlled entities.
Associates/Joint Ventures/other related entities
ICICI Equity Fund1, ICICI Eco-net Internet and Technology Fund1, ICICI Emerging Sectors Fund1, ICICI Strategic Investments
Fund1, ICICI Kinfra Limited1, ICICI West Bengal Infrastructure Development Corporation Limited1, Financial Information
Network and Operations Limited, TCW/ICICI Investment Partners LLC, TSI Ventures (India) Private Limited (upto June 30,
2008), I-Process Services (India) Private Limited, I-Solutions Providers (India) Private Limited, NIIT Institute of Finance, Banking
and Insurance Training Limited, ICICI Venture Value Fund, Comm Trade Services Limited, Loyalty Solutions & Research
Limited1, Traveljini.com Limited (upto March 31, 2008), Contests2win.com India Private Limited2, Crossdomain Solutions
Private Limited2, Transafe Services Limited2, Prize Petroleum Company Limited2, ICICI Foundation for Inclusive Growth2,
Firstsource Solutions Limited (Bank’s holding is 24.79% as on March 21, 2009) and I-Ven Biotech Limited1,2.
1. Entities consolidated under Accounting Standard-21 (AS-21) on “Consolidated Financial Statements”.
2. With respect to entities, which have been identified as related parties during the year ended March 31, 2009, previous year’s
comparative figures have not been reported.
Key management personnel
K. V. Kamath, Chanda D. Kochhar, V. Vaidyanathan, Madhabi Puri Buch1, Sonjoy Chatterjee2, K. Ramkumar3, Kalpana Morparia4,
Nachiket Mor5.
Relatives of key management personnel
Rajalakshmi Kamath, Ajay Kamath, Ajnya Pai, Mohan Kamath, Deepak Kochhar, Arjun Kochhar, Aarti Kochhar, Mahesh Advani,
Varuna Karna, Sunita R. Advani, Jeyashree V., V. Satyamurthy, V. Krishnamurthy, K. Vembu, Dhaval Buch1, Kamal Puri1, Rama
Puri1, Ameeta Chatterjee2, Somnath Chatterjee2, Tarak Nath Chatterjee2, R. Shyam3, R. Suchithra3, J. Krishnaswamy3.
1. Transactions reported with effect from June 1, 2007 and upto January 31, 2009.
2. Transactions reported with effect from October 22, 2007.
3. Transactions reported with effect from February 1, 2009.
4. Transactions reported upto May 31, 2007.
5. Transactions reported upto October 18, 2007.
The following are the significant transactions between the Bank and its related parties for the year ended March 31, 2009.
The material transactions are reported wherever the transaction with an entity exceeds 10% of the particular category of
transactions.
Insurance services
During the year ended March 31, 2009, the Bank paid insurance premium to insurance subsidiaries amounting to Rs. 1,132.6
million (March 31, 2008: Rs. 1,065.3 million). The material transactions for the year ended March 31, 2009 were with ICICI
Lombard General Insurance Company Limited for Rs. 1,039.9 million (March 31, 2008: Rs. 974.8 million).
During the year ended March 31, 2009, the Bank received claims from insurance subsidiaries amounting to Rs. 965.1 million
(March 31, 2008: Rs. 713.9 million). The material transactions for the year ended March 31, 2009 were with ICICI Lombard
General Insurance Company Limited for Rs. 924.1 million (March 31, 2008: Rs. 688.9 million).
Fees and commission
During the year ended March 31, 2009, the Bank received fees from its subsidiaries amounting to Rs. 3,704.8 million
(March 31, 2008: Rs. 5,748.7 million), from its associates/joint ventures/other related entities amounting to Rs. 142.1
million (March 31, 2008: Rs. 72.5 million) and from key management personnel amounting to Rs. 0.6 million. The material
transactions for the year ended March 31, 2009 were with ICICI Securities Limited for Rs. 454.8 million (March 31, 2008:
Rs. 903.7 million), ICICI Prudential Life Insurance Company Limited for Rs. 2,385.3 million (March 31, 2008: Rs. 3,033.1
million) and ICICI Lombard General Insurance Company Limited for Rs. 625.6 million (March 31, 2008: Rs. 948.2 million).
During the year ended March 31, 2009, the Bank received commission from its subsidiaries of Rs. 9.0 million (March 31,
2008: Rs. 9.3 million) and from its associates/joint ventures/other related entities amounting to Rs. 7.5 million (March 31,
2008: Rs. 7.4 million). The material transactions for the year ended March 31, 2009 were with ICICI Home Finance Company
Limited for Rs. 7.8 million (March 31, 2008: Rs. 7.8 million) and Firstsource Solutions Limited for Rs. 7.2 million (March 31,
2008: Rs. 7.4 million).
forming part of the Accounts (Contd.)
schedules