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ICICI Bank Ltd. is considering buying additional shares in India’s ICICI Prudential Asset Management Co. ahead of a potential listing of the business, according to people familiar with the matter.

The Indian private sector lender may seek to buy about 3% in the venture from its partner Prudential Plc, the people said, asking not to be identified because the deliberations are private. A potential stake purchase may take place ahead of the initial public offering of ICICI Prudential and help set the valuation of the business, the people said.

A deal would allow ICICI to keep its 51% shareholding in the asset manager after it gives a 3% stake to its employees under an existing stock options plan, the people said. A controlling stake would allow ICICI to both comply with local regulations and consolidate the stake into its accounts, they said.

Considerations are ongoing and no final decisions have been made, they added. A representative for ICICI Bank didn’t respond to a request seeking comment, while Prudential declined to comment.

ICICI Prudential Asset Management is jointly owned by ICICI Bank and UK-based insurer Prudential.

Prudential last week said that it was evaluating a listing of the asset management business that would involve a partial divestment of its holding and returning the proceeds to shareholders. ICICI Bank has said it plans to retain its majority stake.

Prudential has hired Citigroup Inc. as the arranger for a potential initial public offering, Bloomberg News has reported. It has added ICICI Securities Ltd. to help on the share sale, the people said.

A representative for ICICI Securities declined to comment.

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