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ICICI Bank Type Public (BSE: 532174, NYSE: IBN) Industry Banking Financial services Founded 1955 Headquarters Mumbai, Maharashtra, India Key people K.V. Kamath (Chairman) Chanda Kochhar (MD & CEO) N. S. Kannan (CFO) Products Investment Banking Commercial Banking Retail Banking Private Banking Asset Management Mortgages Credit Cards
10 billion (2010) Employees 35. Asset Management Mortgages Credit Cards Revenue 59.17 billion) (2009) Operating income 6.843.64 crore (US$1.45 billion) (2010) Profit 4.41 crore (US$1.77 crore (US$13.07 billion) (2010) Total assets US$ 100.000+ (2009) Website ICICIBank.com .599.578.
The bank also has a network of 2. ICICI Bank's shares are listed on the stock exchanges at BSE. Kolkata and Vadodara (formerly Baroda) . as well as some 24 million customers (at the end of July 2007). its ADRs trade on the New York Stock Exchange (NYSE). . NYSE: IBN) (formerly Industrial Credit and Investment Corporation of India) is a major banking and financial services organization in India. NSE.219 ATMs in India and presence in 18 countries. It is the third largest bank in India and the largest private sector bank in India by market capitalization.016 branches (as on 31 March 2010) and about 5. ICICI Bank (BSE: 532174.
Axis Bank and HDFC Bank its main competitors . offshore banking units in Bahrain and Singapore. This includes wholly owned subsidiaries in Canada. Russia and the UK (the subsidiary through which the HiSAVE savings brand is operated). Malaysia. ICICI Bank now has wholly-owned subsidiaries. Hong Kong and Sri Lanka. ICICI Bank is one of the Big Four Banks of India. China. Indonesia. the United Arab Emirates and USA. branches in Belgium. along with State Bank of India. South Africa. branches and representatives offices in 19 countries. including an offshore unit in Mumbai. and representative offices in Bangladesh. an advisory branch in Dubai. Thailand. .
ICICI established Banking Corporation as a banking subsidiary. to undertake normal banking operations . Formerly known as Industrial Credit and Investment Corporation of India. car loans etc . The Industrial Credit and Investment Corporation of India Limited (ICICI) was incorporated at the initiative of World Bank. ICICI founded a separate legal entity. credit cards. ICICI Bank. In 1955. In 1994. ICICI Banking Corporation was later renamed as 'ICICI Bank Limited'. the Government of India and representatives of Indian industry.taking deposits. with the objective of creating a development financial institution for providing mediumterm and long-term project financing to Indian businesses.
ICICI acquired Bank of Madura (est. The Boards of Directors of ICICI and ICICI Bank approved the reverse merger of ICICI. ICICI founded a separate legal entity. ICICI established Banking Corporation as a banking subsidiary.taking deposits. credit cards. and had acquired Chettinad Mercantile Bank (est. In 1994. into ICICI Bank . 1933) and Illanji Bank (established 1904) in the 1960s. car loans etc In 2001. ICICI Banking Corporation was later renamed as 'ICICI Bank Limited'. ICICI Personal Financial Services Limited and ICICI Capital Services Limited. ICICI Bank. to undertake normal banking operations . In 2002. Bank of Madura was a Chettiar bank. Formerly known as Industrial Credit and Investment Corporation of India. 1943).
India and South Africa . ICICI Personal Financial Services Limited and ICICI Capital Services Limited. and in the UK it established an alliance with Lloyds TSB. At the same time. In 2004. In 2003. ICICI opened a representative office in Bangladesh to tap the extensive trade between that country. It also opened an Offshore Banking Unit (OBU) in Singapore and representative offices in Dubai and Shanghai. The Boards of Directors of ICICI and ICICI Bank approved the reverse merger of ICICI. into ICICI Bank. In India. ICICI started its international expansion by opening representative offices in New York and London. In 2002. ICICI Bank bought the Shimla and Darjeeling branches that Standard Chartered Bank had inherited when it acquired Grindlays Bank. ICICI opened subsidiaries in Canada and the United Kingdom (UK).
Sangli Bank had been founded in 1916 and was particularly strong in rural areas. and Kuala Lumpur. In 2007. Jakarta. ICICI opened representative offices in Bangkok. which was headquartered in Sangli. this time in St. Also. Petersburg . ICICI also received permission from the government of Qatar to open a branch in Doha. In 2005. With respect to the international sphere. ICICI Bank Eurasia opened a second branch. a Russia bank with about US$4mn in assets. ICICI Bank UK opened a branch in Antwerp. in Maharashtra State. ICICI acquired Investitsionno-Kreditny Bank (IKB). head office in Balabanovo in the Kaluga region. ICICI renamed the bank ICICI Bank Eurasia. Also. and with a branch in Moscow. and which had 158 branches in Maharashtra and another 31 in Karnataka State. ICICI established a branch in Dubai International Financial Centre and in Hong Kong. ICICI amalgamated Sangli Bank. in Belgium. In 2006.
In addition to this. compesation to staff was not increased and no bonus declared for 2008-09. In 2008. In 2009. . ICICI adopted a massive approach aims for cost control and cost cutting. In consequent of it. The US Federal Reserve permitted ICICI to convert its representative office in New York into a branch. ICICI made huge changes in its organisation like elimination of loss making department and restreching outsourced staff or renegotiate their charges in consequent to the recession. ICICI also established a branch in Frankfurt.
It is said that this merger will also expand ICICI Bank's branch network by 25%. 23 May ICICI Bank announced merger with Bank of Rajasthan with it through share-swap in a non-cash deal that values the Bank of Rajasthan at about Rs 3.000 crore. Each 118 shares of Bank of Rajasthan will be converted into 25 shares of ICICI. .