ICICI Bank 2014 Annual Report Download - page 133

F45
Relatives of key management personnel
Deepak Kochhar, Arjun Kochhar, Aarti Kochhar, Mahesh Advani, Varuna Karna, Late Sunita R. Advani, Rangarajan
Kumudalakshmi, Aditi Kannan, Narayanan Raghunathan, Narayanan Rangarajan, Narayanan Krishnamachari, R. Shyam,
R. Suchithra, K. Jayakumar, R. Krishnaswamy, J. Krishnaswamy, Sangeeta Sabharwal.
The following were the significant transactions between the Bank and its related parties for the year ended March 31,
2014. A specific related party transaction is disclosed as a material related party transaction wherever it exceeds 10% of
all related party transactions in that category.
Insurance services
During the year ended March 31, 2014, the Bank paid insurance premium to insurance subsidiaries amounting to `
1,072.6 million (March 31, 2013: ` 969.6 million). The material transactions for the year ended March 31, 2014 were
payment of insurance premium to ICICI Lombard General Insurance Company Limited amounting to ` 978.5 million
(March 31, 2013: ` 871.8 million) and to ICICI Prudential Life Insurance Company Limited amounting to ` 94.1 million
(March 31, 2013: ` 97.8 million).
During the year ended March 31, 2014, the Bank’s insurance claims (including the claims received by the Bank on
behalf of key management personnel) from the insurance subsidiaries amounted to ` 396.6 million (March 31, 2013: `
503.6 million). The material transactions for the year ended March 31, 2014 were with ICICI Lombard General Insurance
Company Limited amounting to ` 326.7 million (March 31, 2013: ` 444.3 million) and with ICICI Prudential Life Insurance
Company Limited amounting to ` 69.9 million (March 31, 2013: ` 59.3 million).
Fees and commission income
During the year ended March 31, 2014, the Bank received fees from its subsidiaries amounting to ` 5,880.4 million (March
31, 2013: ` 4,726.6 million), from its associates/joint ventures/other related entities amounting to ` 9.7 million (March 31,
2013: ` 13.9 million) and from relatives of key management personnel amounting to ` 0.1 million (March 31, 2013: ` 0.1
million). The material transactions for the year ended March 31, 2014 were with ICICI Prudential Life Insurance Company
Limited amounting to ` 4,876.0 million (March 31, 2013: ` 3,860.1 million) and with ICICI Lombard General Insurance
Company Limited amounting to ` 597.9 million (March 31, 2013: ` 516.6 million).
During the year ended March 31, 2014, the Bank received commission on bank guarantees from its subsidiaries
amounting to ` 48.1 million (March 31, 2013: ` 41.8 million). The material transactions for the year ended March 31, 2014
were with ICICI Bank UK PLC amounting to ` 39.1 million (March 31, 2013: ` 35.1 million) and with ICICI Bank Eurasia
Limited Liability Company amounting to ` 7.7 million (March 31, 2013: ` 5.6 million).
Lease of premises, common corporate and facilities expenses
During the year ended March 31, 2014, the Bank recovered from its subsidiaries an amount of ` 1,257.9 million (March
31, 2013: ` 1,099.3 million), from its associates/joint ventures/other related entities an amount of ` 72.3 million (March 31,
2013: ` 147.9 million) and from its key management personnel amounting to Nil (March 31, 2013: ` 0.1 million) for lease
of premises, common corporate and facilities expenses. The material transactions for the year ended March 31, 2014
were with ICICI Securities Limited amounting to ` 288.4 million (March 31, 2013: ` 229.1 million), ICICI Home Finance
Company Limited amounting to ` 276.1 million (March 31, 2013: ` 273.3 million), ICICI Prudential Life Insurance Company
Limited amounting to ` 224.2 million (March 31, 2013: ` 164.0 million), ICICI Bank UK PLC amounting to ` 180.8 million
(March 31, 2013: ` 151.2 million), ICICI Lombard General Insurance Company Limited amounting to ` 159.7 million
(March 31, 2013: ` 143.6 million) and with ICICI Merchant Services Private Limited amounting to ` 0.7 million (March 31,
2013: ` 147.9 million).
Secondment of employees
During the year ended March 31, 2014, the Bank recovered towards deputation of employees from its subsidiaries an
amount of ` 71.5 million (March 31, 2013: ` 52.2 million) and from its associates/joint ventures/other related entities an
amount of ` 6.6 million (March 31, 2013: ` 6.6 million). The material transactions for the year ended March 31, 2014 were
with ICICI Investment Management Company Limited amounting to ` 38.9 million (March 31, 2013: ` 35.6 million), ICICI
Prudential Life Insurance Company Limited amounting to ` 16.1 million (March 31, 2013: ` 1.0 million), ICICI Securities
Limited amounting to ` 15.4 million (March 31, 2013: ` 14.5 million) and with I-Process Services (India) Private Limited
amounting to ` 6.6 million (March 31, 2013: ` 6.6 million).
Purchase of investments
During the year ended March 31, 2014, the Bank purchased certain investments from its subsidiaries amounting to `
10,087.0 million (March 31, 2013: ` 23,702.1 million). The material transactions for the year ended March 31, 2014 were
forming part of the Accounts (Contd.)
schedules