Since Indian banks are restricted from investing more than 20% of their net worth in nonbanking businesses, Kamath wants to transfer the insurance and asset management businesses to the newly created ICICI Financial Services, a holding company.

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The Bank of New York Mellon Co. is a financial holding company, providing investment servicing (like asset servicing, issuer services, clearing services) and investment management services to institutional investors, which includes mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers, around the world.

FORBES: BNY Mellon Ripe For A Run Above $40 If Managed Assets Grow Faster