ICICI Bank
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ICICI Bank is India's largest private bank and the second largest bank in the country. ICICI Bank has total assets of about Rs.125,229 crore, a network of over 550 branches, and offices and about 1800 ATMs. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. ICICI Bank's equity shares are listed in India on stock exchanges at Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
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History
- The World Bank, the Government of India and representatives of Indian industry form ICICI Limited as a development finance institution to provide medium-term and long-term project financing to Indian businesses in 1955.
- 1994 ICICI establishes ICICI Bank as a subsidiary.
- 1999 ICICI becomes the first Indian company and the first bank or financial institution from non-Japan Asia to list on the NYSE.
- 2001 ICICI acquired Bank of Madurai (est. 1943) in a rescue mandated by RBI. Bank of Madurai was a Chettiar bank, and had acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (est. 1904) in the 1960s.
- 2002 The Boards of Directors of ICICI and ICICI Bank approve the merger of ICICI, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. After receiving all necessary regulatory approvals, ICICI integrates the group's financing and banking operations, both wholesale and retail, into a single entity.
International Expansion
- 2002 ICICI establishes representative offices in NY and London.
- 2003 ICICI opens subsidiaries in Canada and the United Kingdom (UK), and in the UK it establishes alliance with Lloyds Bank TSB. It also opens an Offshore Banking Unit (OBU) in Singapore and representative offices in Dubai and Shanghai.
- ICICI is planning on opening offices in Bangladesh to tap the extensive trade between that country and India, Sri Lanka, and South Africa. It has received Reserve Bank of India approval for the Bangladesh and South African offices, and for a subsidiary in Russia.
ICICI Bank Financials
Sales $3.18 bil
Profits $.36 bil
Assets $30.06 bil
Market Value $6.39 bil
Employees 13,609
External Links
- ICICI Bank (http://www.icicibank.com/)Template:India-corp-stub