ICICI Bank

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ICICI Bank <tr><td colspan="2" style="text-align:center; padding:16px 0 16px 0;"></td></tr>
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 <tr><th style="text-align:right; padding-right:0.75em;">Key people</th><td>Chairman N Vaghul</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Industry</th><td>Banking Insurance Capital Markets and allied industries</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Products</th><td>Loans, Credit Cards, Savings, Investment vehicles, SBI Life (Insurance) etc.</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Revenue</th><td>Image:Green Arrow Up.svg USD 461 mil</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Website</th><td>www.icicibank.com</td></tr>

ICICI Bank (formerly Industrial Credit and Investment Corporation of India) is India's largest private bank. ICICI Bank has total assets of about USD 56 Billion (end-Mar 2005), a network of over 550 branches and offices, and about 1900 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 ADRs are listed on the New York Stock Exchange (NYSE). During the year 2005 ICICI bank was involved as a defendant in cases of alleged criminal practices in its debt collection operations and alleged fraudulent tactics to sell its products.

1 History
- 1.1 International Expansion
2 About ICICI Bank
3 ICICI Bank Financials
4 See also
5 External links

[edit] 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 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 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.

[edit] 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 TSB. It also opens 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 acquires Investitsionno-Kreditny Bank (IKB), a Russia bank with about US$4mn in assets, headoffice in Balabanovo in the Kaluga region, and with a branch in Moscow. ICICI Bank offers a high-interest (5.4% gross) internet savings account to UK customers.

[edit] About ICICI Bank

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ICICI Bank was formed by the reverse merger of former ICICI with its banking subsidiary. The bank had to overcome several legacy issues after the merger with ICICI. The erstwhile financial institution had stockpile of bad loans in its books, a result of liberal financing to large industrial projects like steel units in the '90s. The bank has successfully cleaned its balance sheet and net bad loans as a percentage of advances have gone down significantly.It has a policy of recruiting management trainees from India's top B schools. The problem is that most of the management trainees actually leave the organization within an year of joining, being frustrated with the kind of work being done and the profiles. The bank does not care much about training freshers as it does not have a structured training programme, the only saving grace is the e learning module which acts as a superficial substitute for real time training.

Besides the corporate banking division, ICICI Bank has the largest market share among all banks in retail or consumer financing. ICICI Bank is the largest issuer of credit cards in India ^{[citation needed]}. It was the first bank to offer a wide network of ATM's and had the largest network of ATM's till recently, before SBI caught up with it.

The bank is expanding in overseas markets. It has operations in the UK, Hong Kong and Canada. It acquired a small bank in Russia recently. It has tie-ups with major banks in the US and China. The bank is aggressively targeting the NRI (Non Residant Indian) population for expanding its business.