About
ICICI Bank Limited is an Indian multinational banking and financial services corporation that was originally established in 1994. Its registered office is in Vadodara, Gujarat, and a corporate office is in Mumbai, Maharashtra. The bank operates a massive network of 5,275 branches and 15,589 ATMs across India. Its services are present in 17 countries.
ICICI Bank is one of the largest four banks in India. Sandeep Bakhshi is the MD and CEO since October 2018.
Listing and Revenue
ICICI Bank is listed on both NSE and BSE stock exchange.
| Revenue | ₹91,246.94 crore |
| Operating Income | ₹20,711 crore |
| Net Income | ₹6,709 crore |
| Total Assets | ₹1,007,068 crore |
History
ICICI Bank was established by the Industrial Credit and Investment Corporation of India (ICICI), an Indian financial institution, as a fully-owned subsidiary in 1994 in Vadodara. The parent company was founded in 1955 as a joint-venture of the World Bank, India's public-sector banks, and public-sector insurance companies to provide project financing to the Indian industrial sector.
The bank was primarily known as Industrial Credit and Investment Corporation of India Bank before it changed its name to ICICI Bank. The parent company was also merged with the bank later.
In the 1990s, ICICI revamped its offerings from just a development financial institution to a diversified financial services organisation, offering multiple products and services for individuals.
ICICI was one of the first banks to launch internet Banking operations in 1998.
ICICI become the first Indian bank and an Indian non-Japanese company from Asia to be listed on the NYSE in 1999.
ICICI made an investment of Rs 1,000 crore in Yes Bank Ltd as a part of its rescue led by State Bank of India.
Acquisitions
Since 1996, ICIC bank has acquired several banks and financial services organizations including. Some of the major takeovers include ITC Classic Finance, Bank of Madura, The Darjeeling and Shimla branches of Grindlays Bank, The Bank of Rajasthan (BOR), Sangli Bank, Investitsionno-Kreditny Bank (IKB), Anagram (ENAGRAM) Finance, and ICICI Limited.
Products and Services
ICICI Bank offers a diverse range of banking products and financial services for both corporate and retail customers through a variety of delivery channels and specialised subsidiaries. Its services are focused on investment banking, general insurance, life, venture capital, and asset management.
ICICI Bank offers products and services including online money transfer and tracking service, savings account, current account, recurring deposits, time deposits, mortgage, loans, automated lockers, credit cards, prepaid cards, debit cards, and a digital wallet called ICICI pockets.
ICICI bank launched 'ICICIStack'. The service offers online offerings including payment options, instant car loans, digital account solutions, insurance, loan solutions, investments, and others.
Awards and Recognitions
ICICI Bank has received several awards and recognitions over the years. In 2000, it was featured amongst the best 15 bank web sites in the world reviewed by Forbes Global and was awarded as the Best Retail Bank in India from the Asian Banker in 2001. Global Finance also called it the best bank in 2002 and Best Foreign Exchange Bank in India in 2003.
In 2009, ICICI bank won in three categories at World finance Banking awards including Best NRI Services bank, Excellence in Private Banking, APAC Region, and Excellence in Remittance Business. In 2015, it was awarded the tag of Best Foreign Exchange Bank’ at FinanceAsia’s 2015 Country Banking Achievement Awards. ICICI bank is also known as the Best Companies for Women in India. It was awarded as the best ‘Home Loan Provider of the Year 2018’ category at the 17th edition of the Outlook Money Awards.
Global Finance has recognised ICICI Bank as the 'Best Sub-Custodian Bank in India' for the year 2020.
Subsidiaries
The bank has subsidiaries in the United Kingdom and Canada; branches in the United States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance Centre, China, and South Africa as well as representative offices in United Arab Emirates, Bangladesh, Malaysia, and Indonesia. The company's UK subsidiary has also established branches in Belgium and Germany.