ICICI Bank (Industrial Credit and Investment Corporation of India) Is

ICICI Bank (Industrial Credit and Investment Corporation of India) is
an Indian multinational banking and financial services company headquartered

in Mumbai, Maharashtra, India, with its registered office in Vadodara. In 2014, it was the second
largest bank in India in terms of assets and third in term of market capitalisation. It offers a wide
range of banking products and financial services for corporate and retail customers through a
variety of delivery channels and specialised subsidiaries in the areas of investment
banking,life, non-life insurance, venture capital and asset management. The bank has a network
of 4,183 branches[4] and 13,498 ATMs[5] in India, and has a presence in 17 countries including
India.[6]
ICICI Bank is one of the Big Four banks of India, along with State Bank of India, Bank of
Baroda and Punjab National Bank.[7] The bank has subsidiaries in the United Kingdom and
Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman,
Dubai International Finance Centre, China[8] and South Africa; [9] and representative offices in
United Arab Emirates, Bangladesh, Malaysia and Indonesia. The company's UK subsidiary has
also established branches in Belgium and Germany.[10]
Contents
[hide]
1History
o
1.1Acquisitions
1.2Role in Indian financial infrastructure
2Products
o
2.1Extra home loans
2.2Smart Vault
2.3Saral Loans
2.4ICICI Bank Unifare Bangalore Metro Card
2.5'Touch n Remit' facility for NRIs in Kingdom of Bahrain
2.6ICICI Bank Ltd launches 'Video Banking' for NRI
2.7Pockets by ICICI Bank
2.8ICICIBankPay on Twitter
2.9Contactless Credit and Debit Cards
2.10MySavings Rewards
2.11iWish- the flexible recurring deposit
3Go Green Initiative
4Subsidiaries
o
4.1Domestic
4.2International
5Awards and Achievements of ICICI
6Social responsibility programmes for elementary Education
7Controversies
o
7.1Inhumane debt recovery methods
7.2Money laundering allegations
8Credit rating
9See also
10References
11External links
History[edit]
ICICI's branch located inKnightsbridge, London.
ICICI Bank was established by the Industrial Credit and Investment Corporation of India
(ICICI) , an Indian financial institution, as a wholly owned subsidiary in 1994. The parent
company was formed in 1955 as a joint-venture of the World Bank, India's public-sector banks
and public-sector insurance companies to provide project financing to Indian industry.[11][12] The
bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it
changed its name to the abbreviated ICICI Bank. The parent company was later merged with the
bank.
ICICI Bank launched internet banking operations in 1998. [13]
ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a public offering of shares
in India in 1998, followed by an equity offering in the form of American Depositary Receipts on
the NYSE in 2000.[14] ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001
and sold additional stakes to institutional investors during 2001-02. [15]
In the 1990s, ICICI transformed its business from a development financial institution offering only
project finance to a diversified financial services group, offering a wide variety of products and
services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In
1999, ICICI become the first Indian company and the first bank or financial institution from nonJapan Asia to be listed on the NYSE.[16]
In 2000, ICICI Bank became the first Indian bank to list on the New York Stock Exchange with its
five million American depository shares issue generating a demand book 13 times the offer size.
[14]
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI
and two of its wholly owned retail finance subsidiaries, ICICI Personal Financial Services Limited
and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders
of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March
2002 and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002.
[17]
In 2008, following the 2008 financial crisis, customers rushed to ICICI ATMs and branches in
some locations due to rumours of adverse financial position of ICICI Bank. The Reserve Bank of
India issued a clarification on the financial strength of ICICI Bank to dispel the rumours. [18]
Acquisitions[edit]
1996: SCICI Ltd. A diversified financial institution with headquarters in Mumbai[19]
1997: ITC Classic Finance. incorporated in 1986, ITC Classic was a non-bank financial
firm that engaged in hire, purchase, and leasing operations. At the time of being acquired,
ITC Classic had eight offices, 26 outlets, and 700 brokers.[20]
1998: Anagram(ENAGRAM) Finance. Anagram had built up a network of some 50

branches in Gujarat, Rajasthan, and Maharashtra that were primarily engaged in retail
financing of cars and trucks. It also had some 250,000 depositors.[21]
2001: Bank of Madurai[22]
2002: The Darjeeling and Shimla branches of Grindlays Bank[23]
2005: Investitsionno-Kreditny Bank (IKB), a Russian bank
2007: Sangli Bank. Sangli Bank was a private sector unlisted bank, founded in 1916, and
[24]
30% owned by the Bahte family. Its headquarters were in Sangli in Maharashtra, and it had
198 branches. It had 158 in Maharashtra and 31 in Karnataka, and others in Gujarat, Andhra
Pradesh, Tamil Nadu, Goa, and Delhi. Its branches were relatively evenly split between
metropolitan areas and rural or semi-urban areas.[25]
2010: The Bank of Rajasthan (BOOR) was acquired by the ICICI Bank in 2010
for 30 billion. RBI was critical of BOR's promoters not reducing their holdings in the
company. BOR has since been merged with ICICI Bank. [19]

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ICICI Bank (Industrial Credit and Investment Corporation of India) Is

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Available Formats

ICICI Bank (Industrial Credit and Investment Corporation of India) is

an Indian multinational banking and financial services company headquartered

1.2Role in Indian financial infrastructure

2.1Extra home loans

2.4ICICI Bank Unifare Bangalore Metro Card

2.5'Touch n Remit' facility for NRIs in Kingdom of Bahrain

2.6ICICI Bank Ltd launches 'Video Banking' for NRI

2.7Pockets by ICICI Bank

2.9Contactless Credit and Debit Cards

2.11iWish- the flexible recurring deposit

3Go Green Initiative

5Awards and Achievements of ICICI

6Social responsibility programmes for elementary Education

7.1Inhumane debt recovery methods

7.2Money laundering allegations

ICICI's branch located inKnightsbridge, London.

1996: SCICI Ltd. A diversified financial institution with headquarters in Mumbai[19]

1998: Anagram(ENAGRAM) Finance. Anagram had built up a network of some 50

2001: Bank of Madurai[22]

2002: The Darjeeling and Shimla branches of Grindlays Bank[23]

2005: Investitsionno-Kreditny Bank (IKB), a Russian bank

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