History
ICICI Bank is an Indian International funding and monetary services company that has its headquarters in the vibrant city of Mumbai, Maharashtra. India. As of the year 2014 it holds the position of the second largest bank in the Indian country in terms of its assets and market capitalization. It provides an extensive choice of banking products and financial facilities for business and retail customers over a range of supply channels and dedicated subsidiaries in the key areas of investment banking, life and non-life insurance, venture capital and asset managing.The Bank has a large network of about 3,800 branch offices and about 11,162 ATM centers in India, and has its existence in about 19 countries around the globe. ICICI Bank is amongst the 'Big Four banks' of India, along with Punjab National Bank, State Bank of India and Bank of Baroda. The bank has its company base in the United Kingdom, Russia, and Canada. It also has branch offices in the United States, Bahrain, Singapore, Sri Lanka, Hong Kong, Qatar and Dubai International Finance Centre. The bank has set up its representative branch offices in the United Arab Emirates, South Africa, Thailand, China, Bangladesh, Malaysia and Indonesia. The company's UK base has also set up branch offices in Belgium and Germany.
History:
ICICI Bank was initially stimulated in the year 1994 by the ICICI Limited Company, an Indian financial establishment, and was its exclusively owned subsidiary. ICICI's shareholding in the ICICI Bank was condensed to about 46% over a public contribution of stocks in India in the financial year 1998, an equity donation in the form of ADRs registered on the NYSE in the financial year 2000ICICI Bank's procurement of Bank of Madura Limited in an all stock union in the financial year 2001, and lesser market sales by ICICI to the influential investors in the financial year 2001 and financial year 2002. ICICI was established in the year 1955 as the initiative of the World Bank, the Government of India and legislatures of the Indian finance industry. The key objective was to make an advanced financial organization for providing medium term and long term projects funding to the Indian businesses.
In the 1990s, ICICI changed its corporate from an advance financial institution providing only project funding to an expanded financial facilities group providing a varied range of products and services, both openly and over a number of firms and associates like ICICI Bank. In the year 1999, ICICI becomes the very first Indian company and the very first bank or financial institution from a non- Japan Asia region to be listed on the NYSE.
After deliberation of numerous corporate organizing changes in the setting of the evolving competitive situation in the Indian banking industry, and the passage towards the universal banking, the administrations of ICICI and the ICICI Bank shaped the opinion that the union of ICICI with the ICICI Bank would be the best strategic substitute for both the entities, and it would generate the best legal structure for the ICICI group's worldwide banking strategy.
In the month of October in the year 2001, the Boards of Directors of ICICI and ICICI Bank accepted the union of ICICI and two of its exclusively owned trade finance firms, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with the ICICI Bank. The union was agreed by stockholders of ICICI and ICICI Bank in the month of January in the year 2002, by the High Court of Gujarat at Ahmedabad city in the month of March in the year 2002, and by the High Court of Judicature at Mumbai city and the Reserve Bank of India in the month of April the year 2002.Following to the union, the ICICI group's funding and banking operations, both wholesale and retail have been combined as a single entity. ICICI Bank has framed a Code of Business Conduct and Ethics for its board of directors and its employees.