ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses.
ICICI Bank was originally promoted in 1994 by ICICI Limited and was its wholly-owned subsidiary. ICICI’s shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000 etc.
In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. 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.
Today ICICI Bank is India’s second-largest bank with total assets of Rs. 3,674.19 billion (US$ 77 billion) at June 30, 2009 and profit after tax Rs. 8.78 billion for the quarter ended June 30, 2009. The Bank has a network of 1,514 branches and about 4,816 ATMs in India and presence in 18 countries.
The bank provides the full complement of loans including Home Loans, Car Loans and Personal Loans. In fact the bank is the No.1 Home loans provider in the country. The bank also offers Consumer (Credit card, Debit card & Travel card) and Corporate cards.
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