ICICI Bank

ICICI Bank

Type	Private BSE & NSE:ICICI, NYSE: IBN
Founded	1955 (as Industrial Credit and Investment Corporation of India)
Headquarters	ICICI Bank Ltd., ICICI Bank Towers, Bandra Kurla, Mumbai, India
Key people	K.V. Kamath,Chairman Chanda Kochhar, Managing Director & CEO Sandeep Bakhshi, Deputy Managing Director N.S. Kannan, Executive Director & CFO K. Ramkumar, Executive Director Sonjoy Chatterjee, Executive Director
Industry	Banking Insurance Capital Markets and allied industries
Products	Loans, Credit Cards, Savings, Investment vehicles, Insurance etc.
Revenue	▲ USD 15.06 billion
Total assets	▲ USD 120.61 billion (at March 31, 2009.)
Website	www.icicibank.com

ICICI Bank (BSE: ICICI) (formerly Industrial Credit and Investment Corporation of India) is India's largest private sector bank by market capitalisation and second largest overall in terms of assets. Bank has total assets of Rs. 3,793.01 billion (US$ 75 billion) at March 31, 2009 and profit after tax Rs. 37.58 billion for the year ended March 31, 2009.^[1]. The Bank also has a network of 1,449 branches and about 4,721 ATMs in India and presence in 18 countries, as well as some 24 million customers (at the end of July 2007). ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. (These data are dynamic.) ICICI Bank is also the largest issuer of credit cards in India.^[2]. ICICI Bank has got its equity shares listed on the stock exchanges at Kolkata and Vadodara, Mumbai and the National Stock Exchange of India Limited, and its ADRs on the New York Stock Exchange (NYSE). The Bank is expanding in overseas markets and has the largest international balance sheet among Indian banks. ICICI Bank now has wholly-owned subsidiaries, branches and representatives offices in 18 countries, including an offshore unit in Mumbai. This includes wholly owned subsidiaries in Canada, Russia and the UK (the subsidiary through which the HiSAVE savings brand^[3] is operated), offshore banking units in Bahrain and Singapore, an advisory branch in Dubai, branches in Belgium, Hong Kong and Sri Lanka, and representative offices in Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the United Arab Emirates and USA. Overseas, the Bank is targeting the NRI (Non-Resident Indian) population in particular.

ICICI reported a 1.15% rise in net profit to Rs. 1,014.21 crore on a 1.29% increase in total income to Rs. 9,712.31 crore in Q2 September 2008 over Q2 September 2007. The bank's current and savings account (CASA) ratio increased to 30% in 2008 from 25% in 2007.^[4][5]

ICICI Bank is one of the Big Four Banks of India with State Bank of India, Axis Bank and HDFC Bank.^[6]

ICICI Bank HQ at BKC Mumbai

History

This article is in a list format that may be better presented using prose. You can help by converting this article to prose, if appropriate. Editing help is available. (June 2008)

History of ICICI

• 1955 The Industrial Credit and Investment Corporation of India Limited (ICICI) was incorporated at the initiative of World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution for providing medium-term and long-term project financing to Indian businesses.
• 1994 ICICI established Banking Corporation as a banking subsidiary.formerly Industrial Credit and Investment Corporation of India. Later, ICICI Banking Corporation was renamed as 'ICICI Bank Limited'. ICICI founded a separate legal entity, ICICI Bank, to undertake normal banking operations - taking deposits, credit cards, car loans etc.
• 2001 ICICI acquired Bank of Madura (est. 1943). Bank of Madura was a Chettiar bank, and had acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (established 1904) in the 1960s.
• 2002 The Boards of Directors of ICICI and ICICI Bank approved the reverse merger of ICICI, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, into ICICI Bank. After receiving all necessary regulatory approvals, ICICI integrated the group's financing and banking operations, both wholesale and retail, into a single entity.

Also in 2002, ICICI Bank bought the Shimla and Darjeeling branches that Standard Chartered Bank had inherited when it acquired Grindlays Bank.

ICICI started its international expansion by opening representative offices in New York and London.

• 2003 ICICI opened subsidiaries in Canada and the United Kingdom (UK), and in the UK it established an alliance with Lloyds TSB.

It also opened an Offshore Banking Unit (OBU) in Singapore and representative offices in Dubai and Shanghai.

• 2004 ICICI opens a rep office in Bangladesh to tap the extensive trade between that country, India and South Africa.
• 2005 ICICI acquired Investitsionno-Kreditny Bank (IKB), a Russia bank with about US$4mn in assets, head office in Balabanovo in the Kaluga region, and with a branch in Moscow. ICICI renamed the bank ICICI Bank Eurasia.

Also, ICICI established a branch in Dubai International Financial Centre and in Hong Kong.

• 2006 ICICI Bank UK opened a branch in Antwerp, in Belgium. ICICI opened representative offices in Bangkok, Jakarta, and Kuala Lumpur.
• 2007 ICICI amalgamated Sangli Bank, which was headquartered in Sangli, in Maharashtra State, and which had 158 branches in Maharashtra and another 31 in Karnataka State. Sangli Bank had been founded in 1916 and was particularly strong in rural areas.

ICICI also received permission from the government of Qatar to open a branch in Doha.

ICICI Bank Eurasia opened a second branch, this time in St. Petersburg.

• 2008 The US Federal Reserve permitted ICICI to convert its representative office in New York into a branch.

ICICI also established a branch in Frankfurt.

See also

• Indian banking
• ICICI Lombard
• ICICI Prudential
• ICICI Bank on Wikinvest

References

External links

• Official website of ICICI Bank
• ICICI Direct - Online share and mutual funds trading facility
• ICICI Prudential Life Insurance
• Prudential ICICI Asset Management Company
• ICICI Lombard General Insurance Company
• ICICI Bank USA
• ICICI Bank UK
• ICICI Bank Canada
• ICICI Bank financial overview at Google Finance
• Official website of ICICI Foundation for Inclusive Growth
• ICICI Communities
• ICICI Bank Code of Business Conduct and Ethics
• Comments about this Bank

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