The bank also has a presence in around 18 countries across the globe. They offer a wide gamut of retail products to its retail customers and as well as other banking products related to the corporate segment. These include ICICI personal loans, ICICI home loans, ICICI car loans, ICICI credit cards, ICICI LAP etc. They also offer financial services that span asset management, venture capital, investment banking, life and non-life insurance. ICICI equity shares finds a place in the Bombay Stock Exchange and National Stock Exchange in India with its American depositary receipts listed in the New York Stock Exchange.
Overview
ICICI Bank is one of the most popular banks in recent times with its presence felt through a huge network of 1,495 branches and 4,816 ATMs across the country, with profits running into 8.8 billions in the quarter ended June 2009. The bank also has a presence in around 18 countries across the globe. They offer a wide gamut of retail products to its retail customers and as well as other banking products related to the corporate segment. These include ICICI personal loans, ICICI home loans, ICICI car loans, ICICI credit cards, ICICI LAP etc. They also offer financial services that span asset management, venture capital, investment banking, life and non-life insurance. ICICI equity shares finds a place in the Bombay Stock Exchange and National Stock Exchange in India with its American depositary receipts listed in the New York Stock Exchange.
History
ICICI Limited was formed in 1955 when the World Bank, the Government of India and other representatives of Indian industry came together to create a initiative that funds medium-term and long-term project financing for Indian businesses. Starting from 1990, the company slowly transformed itself from a development financial institution financing only projects to a company that provides a wider range of financial services and financial products directly and also through affiliates like ICICI Bank, which was first promoted in 1994 and was owned completely by ICICI Limited. This stake was reduced to around 46% when an initial public offering was made in the fiscal 1998.
The move to merge ICICI limited with ICICI Bank seemed like the most strategically viable step going forward creating the best possible legal bandwidth which was in sync with the ICIC group’s universal banking strategy. The merger also offered various advantages for the shareholders involved and would help the group foray into new business segments, tap into the strong corporate relationships that had been established, access to an excellent resource pool etc. In October 2001, ICICI Personal Financial Services and ICICI Capital Services wholly owned by ICICI Limited was allowed to be merged with ICICI Bank, which was formally approved by the RBI in April 2002.
Since the merger ICICI group’s financing and banking operations, both wholesale and retail, have been integrated in a single entity.
Milestones
– In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.
– Merger of ICICI Bank with Bank of Madura Limited in fiscal 2001 and 2002.
– In October 2001, ICICI Personal Financial Services and ICICI Capital Services wholly owned by ICICI Limited was allowed to be merged with ICICI Bank, which was formally approved by the RBI in April 2002.
– K.V. Kamath is the Chairman of the ICICI group. Chanda D. Kochhar, the Managing Director & CEO of ICICI Bank was recently named in Forbes list of the World’s 100 Most Powerful Women and ranked in the top 20 of the list compiled by Forbes, sharing the honour with Sonia Gandhi, Congress President who ranked 13th.