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ICICI Bank (The Industrial Credit and Investment Corporation of India Ltd)

ICICI Bank Ltd. Type Public BSE: 532174 NSE: ICICIBANK Traded as NYSE: IBN BSE SENSEX Constituent Industry Banking, Financial services Founded 1955 Headquarters Mumbai, Maharashtra, India Area served Worldwide Key people K. V. Kamath (Chairman) Chanda Kochhar (MD & CEO) Credit cards, Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management

Products

Revenue US$ 13.812 billion (2011)[1] Profit US$ 1.366 billion (2011)[1] Total assets US$ 119.69 billion (2011)[1] Total equity US$ 12.401 billion (2011)[1] Employees 79,978 (2011)[1] Website www.icicibank.com Board Members Mr. K. V. Kamath, Chairman .................................................... Ms. Chanda Kochhar, Managing Director & CEO ......................................................... Mr. N. S. Kannan, Executive Director & CFO ......................................................... Mr. K. Ramkumar, Executive Director ......................................................... Mr. Rajiv Sabharwal, Executive Director

ICICI Bank Ltd. (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) is an Indian diversified financial services company headquartered in Mumbai, Maharashtra. It is the second largest bank in India by assets and third largest by market capitalization. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and nonlife insurance, venture capital and asset management. The Bank has a network of 2,575 branches and 8,003 ATM's in India, and has a presence in 19 countries, including India.[2] The bank has subsidiaries in the United Kingdom, Russia, and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre; and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The company's UK subsidiary has established branches in Belgium and Germany. ICICI Bank is one of the Big Four banks of India, along with State Bank of India, Punjab National Bank and HDFC Bankits main competitors.[4]

Corporate history
ICICI Bank was established in 1994 by the Industrial Credit and Investment Corporation of India, an Indian financial institution, as a wholly owned subsidiary. The parent company was formed 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 Indian industry.[5][6] The bank was initially known as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to the abbreviated ICICI Bank. The parent company was later merged into ICICI Bank. ICICI Bank launched internet banking operations in 1998.[7] ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a public offering of shares in India in 1998, followed by an equity offering in the form of American Depositary Receipts on the NYSE in 2000. ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001, and sold additional stakes to institutional investors during 2001-02. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group, offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from nonJapan Asia to be listed on the NYSE.[8] In 2000, ICICI Bank became the first Indian bank to list on the New York Stock Exchange with its five million American depository shares issue generating a demand book 13 times the offer size. 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.[9]

In 2008, following the 2008 financial crisis, customers rushed to ATM's and branches in some locations due to rumors of adverse financial position of ICICI Bank. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumors.[10]

Corporate governance
Group Anti Money Laundering Policy
The ICICI Group AML Policy establishes the standards of AML compliance and is applicable to all activities.[11]

Code of Conduct
ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and employees.[12] ICICI merge the bank of rajasthan in 2010.

Creation of market infrastructure in India


ICICI Bank has contributed to set up different institutions which include the following: National Stock Exchange The National Stock Exchange was promoted by Indias leading financial institutions (including ICICI Ltd.) in 1992 on behalf of the Government of India with the objective of establishing a nationwide trading facility for equities, debt instruments and hybrids, by ensuring equal access to investors all over the country through an appropriate communication network.[13] Credit Rating Information Services of India Limited In 1987, ICICI Ltd. along with UTI set up CRISIL as India's first professional credit rating agency. CRISIL offers a comprehensive range of integrated products and service offerings which include credit ratings, capital market information, industry analysis and detailed reports.[14] National Commodities and Derivatives Exchange Limited NCDEX is a professionally managed online multi-commodity exchange, set up in 2003, by ICICI Bank Ltd, LIC, NABARD, NSE, Canara Bank, CRISIL, Goldman Sachs, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Punjab National Bank.[15] Financial Innovation Network and Operations Pvt Ltd. ICICI Bank has facilitated setting up of "FINO Cross Link to Case Link Study" in 2006, as a company that would provide technology solutions and services to reach the underserved and underbanked population of the country. Using cutting edge technologies like smart cards, biometrics and a basket of support services, FINO enables financial institutions to conceptualise, develop and operationalise projects to support sector initiatives in microfinance and livelihoods.[16]

Entrepreneurship Development Institute of India Entrepreneurship Development Institute of India (EDII), an autonomous body and not-for-profit society, was set up in 1983, by the erstwhile apex financial institutions like IDBI, ICICI, IFCI and SBI with the support of the Govt. of Gujarat as a national resource organisation committed to entrepreneurship development, education, training and research.[17] North Eastern Development Finance Corporation North Eastern Development Finance Corporation (NEDFI) was promoted by national level financial institutions like ICICI Ltd in 1995 at Guwahati, Assam for the development of industries, infrastructure, animal husbandry, agri-horticulture plantation, medicinal plants, sericulture, aquaculture, poultry and dairy in the North Eastern states of India. NEDFI is the premier financial and development institution for the North East region.[18]

Asset Reconstruction Company India Limited Following the enactment of the Securitisation Act in 2002, ICICI Bank together with other institutions, set up Asset Reconstruction Company India Limited (ARCIL) in 2003, to create a facilitative environment for the resolution of distressed debt in India. ARCIL was established to acquire non performing assets (NPAs) from financial institutions and banks with a view to enhance the management of these assets and help in the maximisation of recovery. This would relieve institutions and banks from the burden of pursuing NPAs, and allow them to focus on core banking activities.[19][20] Credit Information Bureau of India Limited ICICI Bank has also helped in setting up Credit Information Bureau of India Limited (CIBIL), Indias first national credit bureau in 2000. CIBIL provides a repository of information (which contains the credit history of commercial and consumer borrowers) to its members in the form of credit information reports. The members of CIBIL include banks, financial institutions, state financial corporations, non-banking financial companies, housing finance companies and credit card companies.[21]

Corporate Social Responsibility programmes for Elementary Education


Read to Lead Phase I
Read to Lead is an initiative of ICICI Bank to facilitate access to elementary education for underprivileged children in the age group of 314 years including girls and tribal children from the remote rural areas. The Read to Lead initiative supports partner NGOs to design and implement programs that mobilise parent and community involvement in education, strengthen schools and enable children to enter and complete formal elementary education. Read to Lead has reached out to 100,000 children across 14 states of Andhra Pradesh, Bihar, Delhi, Gujarat, Haryana, Jharkhand,

Karnataka, Maharashtra, Orissa, Rajasthan, Tamil Nadu, Tripura, Uttar Pradesh and West Bengal.
[22]

Read to Lead Phase I is focused on


Bridge courses to support dropout children to re-enrol in formal education Remedial coaching to potential dropout children to ensure their continuation in formal schooling Educational kits that include uniforms, books, stationery, woollen clothes etc. Inclusive and special education for children with special needs, such as mentally challenged and physically disabled children Health and nutritional support for children Community initiatives for sensitisation on importance of education, including parent groups, school enrolment drives, workshops and seminars, and publications Holistic development of children through instruction in arts and crafts, street plays, and life skills education

Read to Lead Phase II


In Phase II of the Read to Lead programme, ICICI Bank has supported the establishment of 63 libraries that will reach out to approximately 7,200 children in the rural areas of Jagdalpur block of Bastar district in Chhattisgarh. The programme includes building libraries, sourcing books and conducting various interactive activities to make the library a dynamic centre for learning.[citation
needed]

Go Green Initiative
The Go Green Initiative is an organisation wide initiative that moves beyond moving people, processes and customers to cost effective automated channels to build awareness and consciousness of our environment,our nation and our society. Objective ICICI Banks Green initiatives range from Green offerings/incentives, Green engagement to Green communication with their customers.

Green products and services


Instabanking : - It is the platform that brings together all alternate channels under one umbrella and gives customers the option of banking through Internet banking, i-Mobile banking, IVR Banking. This reduces the carbon footprint of the customers by ensuring they do not have to resort to physical statements or travel to their branches. Vehicle Finance : - As an initiative towards more environment friendly way of life, Auto loans offer 50% waiver on processing fee on car models which uses alternate mode of energy. The models identified for the purpose are, Maruti's LPG version of Maruti 800, Omni and Versa, Hyundai's Santro Eco, Civic Hybrid of Honda, Reva electric cars, Tata Indica CNG and Mahindra Logan CNG versions.

Carbon Footprint Calculator


Inputs include region, user input of the distance traveled in a particular medium of transport daily, electricity consumed per month and LPG cylinder/piped natural gas used per month. It calculates the net carbon footprint to create awareness and sensitize people about the environment.It also shows the world's and India's average carbon footprint.

Subsidiaries
Domestic

ICICI Lombard , ICICI Prudential Life Insurance Company Limited , ICICI Securities Limited , ICICI Prudential Asset Management Company Limited , ICICI Venture , ICICI Home Finance ,ICICI direct.com , ICICI Foundation .

International

ICICI Bank UK PLC , ICICI Bank Canada , ICICI Bank Eurasia LLC

Acquisitions

2005: Investitsionno-Kreditny Bank (IKB), a Russian bank 2007: Sangli Bank 2010: Bank of Rajasthan

Awards

2004: Best Bank in India Award presented by Euromoney Magazine[27] 2007: ICICI Bank has been conferred the Euromoney Award 2007 for the Best Bank in the Asia-Pacific Region 2007: ICICI Bank wins the Excellence in Remittance Business award by The Asian Banker 2009: ICICI Bank bags the "Best bank in SME financing (Private Sector)" at the Dun & Bradstreet Banking awards 2011: ICICI Bank is the only Indian brand to figure in the BrandZ Top 100 Most Valuable Global Brands Report, second year in a row 2011: ICICI Bank ranked 5th in the list of "57 Indian Companies", and 288 th in World Rankings in Forbes Global 2000 list. 2011: ICICI Bank has won the "Banking Technology Awards 2010" at The Indian Banks Association in the following categories 2011: ICICI Bank was recognized for its Special Citation of the Fully Electronic Branch Service Channel, first set up at Hiranandani Estate, Thane, at the Financial Insights Innovation Awards held in conjunction with Asian Financial Services Congress[34] 2011: For the second year in a row, ICICI Bank was ranked 70th in the Brandirectory league tables of the worlds most valuable brands by, The BrandFinance Banking 500[35] 2011: ICICI Bank was ranked 1st in the Banking and Finance category and 9th in the "2010 Best Companies To Work For" by Business Today[36]

2011: ICICI Bank UK, HiSAVE product range has been awarded the Consumer Moneyfacts Awards 2011 for the 'Best Online Savings Provider'[37] 2011: For the second consecutive year, ICICI Bank was ranked second in the "India's 50 Biggest Financial Companies" , in The BW REAL 500 by Business World[38] 2011: ICICI Bank was one of the winners in the Global Awards for Enterprise & IT Architecture Excellence. ICICI Bank bagged the award in the Business Intelligence and Analytics' category.[39] 2011: The Brand Trust Report ranks ICICI among the top 4 most trusted financial institutions.[40] 2011: ICICI Bank awarded "House Of The Year (India)", by Asia Risk magazine, for eighth time in a row since 2004[41] 2011: ICICI Bank awarded the most Tech-friendly Bank award by Business World[42] 2011: ICICI Bank received the Best Trade Finance Bank in India by The Asset Triple A Award, Hong Kong[43] 2011: ICICI Bank is the first and the only Indian brand to be ranked as the 45th most valuable global brand by BrandZ Top 100 Global Brands Report

Ms. Chanda Kochhar is the Managing Director and Chief Executive Officer of ICICI Bank Limited. She began her career with ICICI as a Management Trainee in 1984 and has thereon successfully risen through the ranks by handling multidimensional assignments and heading all the major functions in the Bank at various points in time. In 1993 when ICICI decided to enter commercial banking, she was deputed to ICICI Bank as a part of the core team to set up the bank. When ICICI set up the Infrastructure Industry Group in 1996 to create dedicated industry expertise in the areas of Power, Telecom and Transportation sector, she was handpicked and made incharge of the Infrastructure Industry Group. In July 2000, she was chosen to head the Retail Finance division of ICICI and has been instrumental in scaling up the business. In April 2001, she was promoted as an Executive Director, heading the retail business in the Bank. In April 2006, she was appointed as the Deputy Managing Director with responsibility for both Corporate and Retail banking business of ICICI Bank and from October 2006 to October 2007 she handled the International and Corporate businesses of ICICI. In October 2007, she was appointed as the Joint Managing Director & CFO. She was heading the Corporate Centre, was the Chief Financial Officer (CFO) and was also the official spokesperson for ICICI Bank.

Chanda Kochhar was born in Jodhpur, Rajasthan and raised in Jaipur, Rajasthan. She then moved to Mumbai, where she joined Jai Hind College for a Bachelor of Arts degree. After graduating in 1982 she then pursued Cost Accountancy ICWAI, Later, she acquired the Masters Degree in Management Studies from Jamnalal Bajaj Institute of Management Studies, Mumbai. She received the Wockhardt Gold Medal for Excellence in Management Studies as well as the J. N. Bose Gold Medal in Cost Accountancy for highest marks in the same year.[3] Chanda Kochhar currently resides in Mumbai, and is married to Deepak Kochhar, a wind energy entrepreneur and her Business schoolmate. She has two children, a son and a daughter.

Awards and Recognition 2011 Conferred the "Padma Bhushan", one of India's highest civilian honours. First woman to be named as the "Business Leader of the Year ", by Economic Times.

Ranked 5th in the International list of "50 Most Powerful Women In Business", by Fortune. She was ranked 10th in 2010. Named among the "50 Most Influential People", in global finance, by Bloomberg Markets magazine. Featured in the "Hall Of Fame - Most Powerful Women in Indian Business", by Business Today. Ranked as the 43rd "Most Powerful Woman", in the world, by Forbes magazine. Received the "Global Leadership Award", from the US-India Business Council. Named among the "Two Best Indian CEOs ", in an annual poll, by Finance Asia. Conferred with the "Transformational Business Leader of the Year Award ", by All India Management Association (AIMA). Ranked 17th among the "25 Most Powerful CEOs", in Asia, by Fortune. Named amongst the "25 Most Powerful Professional Women", in the country, by India Today.

2010 Ranked 11th by Financial Times in the "Top 50 Women in World Business" Conferred with the "Outstanding Woman Business Leader of the Year" award by CNBC TV18, 2010 Conferred with the "Banker of the Year Award" by Financial Express Ranked 92nd in the Forbes list of "Most Powerful Women" in the world Ranked 10th in the Fortune's List of "Most Powerful Women in Business" Conferred with the "Transformational Business Leader of the Year", by All India Management Association (AIMA) Featured in the list of "30 Most Powerful Women Leaders", in Business Today for 8 consecutive years from 2002 to 2010

2009 2008 2007 2006 2005 2004 Selected as "Retail Banker of the Year", (Asia-Pacific region) by The Asian Banker from amongst prominent retail bankers in the Asia Pacific region Awarded "Business Woman of the Year", by The Economic Times of India Featured on Fortune's 50 Most Powerful Women in International Business Selected as "Rising Star Award", for Global Awards by Retail Banker International Won the Teachers Achievement Award in the business category Ranked 33rd in the Fortune's List of 50 Most Powerful Women in Global Business Featured in the list of Business Today's 25 most powerful women leaders Ranked 25th in Fortune International Power 50 list Awarded with the Indian Business Women Leadership Award at NDTV Profit Business Leadership Awards Ranked in the top 20 of the World's 100 Most Powerful Women list compiled by Forbes

Professional Affiliations Apart from being on the Board of ICICI Bank and various group companies, she is a member of the Prime Minister's Council on Trade & Industry, US-India CEO Forum, Executive Board of the Indian School of Business, Hyderabad, Member of the Board of Governors of Indian Council for Research on International Economic Relations (ICRIER), Member of the Managing Committee of the Indian Banks Association and also a member of the Council of Scientific and Industrial Research (CSIR) Society.