ICICI Bank acquires 1.33% stake in United Stock Exchange of India (USE)

July 27, 2010: ICICI Bank, has acquired a 1.33% stake in United Stock Exchange of India (USE) for an undisclosed amount.

ICICI Bank, a major player in the foreign exchange market, is the 26th bank to become a shareholder of the exchange, which is expected to soon start operations in the currency derivatives segment. SEBI had given its approval for currency derivatives in the form of currency futures in India in August 2008.

USE has the largest base of banks as investors compared to its competitors, MCX-SX and NSE, which have 18 and 9 banks as shareholders, respectively. This could help USE garner market share, as banks are major players in the forex market

USE is promoted by 21 public sector banks besides private banks and corporate houses. They include Allahabad Bank, Axis Bank, Canara Bank, HDFC Bank, Jaypee Capital and BSE. The BSE holds 15% stake in USE.





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