ICICI Bank

ICICI Bank may be a leading personal sector bank in Republic of India. The Bank’s consolidated total assets stood at Rs. 13.77 trillion at March 31, 2020. ICICI Bank presently contains a network of 5,324 branches and 15,688 ATMs across India. 

ICICI Group Companies

History 

ICICI was shaped in 1955 at the initiative of the globe Bank, the govt of India and representatives of Indian industry. The principal objective was to make a development establishment for providing medium-term and long-run project funding to Indian businesses. till the late 1980s, ICICI primarily targeted its activities on project finance, providing long-term funds to a spread of business projects. With the easement of the financial sector in Republic of India within the 1990s, ICICI remodeled its business from a development establishment giving solely project finance to a distributed financial services supplier that, along side its subsidiaries and alternative cluster companies, offered a good kind of product and services. As India’s economy became a lot of market-oriented and integrated with the globe economy, ICICI capitalized on the new opportunities to supply a wider vary of monetary products and services to a broader spectrum of clients. ICICI Bank was incorporated in 1994 as a district of the ICICI group. In 1999, ICICI became the first Indian company and the primary bank or establishment from non-Japan Asia to be listed on the ny Stock Exchange.   The issue of universal banking, that within the Indian context meant conversion of long-run loaning establishments similar to ICICI into business banks, had been mentioned at length in the late 1990s. Conversion into a bank supplyed ICICI the flexibility to simply accept affordable demand deposits and offer a wider vary of product and services, and larger opportunities for earning non-fund based mostly financial gain in the sort of banking fees and commissions. when thought of assorted company structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for ICICI group’s universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity’s access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI’s strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries.   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. Consequent to the merger, the ICICI group’s financing and banking operations, both wholesale and retail, were integrated in a single entity.