ICICI Bank

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ICICI Bank Limited
ICICI Bank Logo.svg
Type
Private
Traded as
BSE: 532174
NSE: ICICIBANK
NYSE: IBN
BSE SENSEX Constituent
CNX Nifty Constituent
Industry

Banking, Financial services

Founded

1994

Headquarters

Mumbai, Maharashtra, India[1]

Area served
Worldwide
Key people
Mr. M. K. Sharma (Chairman)
Mrs.Chanda Kochhar (MD & CEO)
Products
Credit cards, Consumer banking, corporate banking, finance and
insurance, investment banking, mortgage loans, private banking, wealth
management, Personal Loan, Payment Solutions.
Revenue

US$10.3 billion (2016)[2]

Operating income
US$3.6 billion (2016)[2]

Profit US$1.5 billion (2016)[2]

Total assets US$108.8 billion (2016)[2]
Total equity US$13.5 billion (2016)[2]
Number of employees
74,096 (2016)[3]
Website

www.icicibank.com

ICICI Bank (Industrial Credit and Investment Corporation of India) is an Indian

multinational banking and financial services company headquartered in Mumbai,
Maharashtra, India, with its registered office in Vadodara. In 2014, it was the second
largest bank in India in terms of assets and third in term of market capitalisation. It
offers a wide range of banking products and financial services for corporate and
retail customers through a variety of delivery channels and specialised subsidiaries
in the areas of investment banking, life, non-life insurance, venture capital and
asset management. The bank has a network of 4,450 branches[4] and 13,995
ATMs[5] in India, and has a presence in 19 countries including India.[6]

ICICI Bank is one of the Big Four banks of India, along with State Bank of India, Bank
of Baroda and Punjab National Bank.[7] The bank has subsidiaries in the United
Kingdom and Canada; branches in United States, Singapore, Bahrain, Hong Kong,
Sri Lanka, Qatar, Oman, Dubai International Finance Centre, China[8] and South
Africa; [9] and representative offices in United Arab Emirates, Bangladesh, Malaysia
and Indonesia. The company's UK subsidiary has also established branches in
Belgium and Germany.[10]

History

ICICI's branch located in Knightsbridge, London.

ICICI Bank was established by the Industrial Credit and Investment Corporation of
India (ICICI) , an Indian financial institution, as a wholly owned subsidiary in 1994.
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.[11][12] The bank was founded 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 with the bank.

ICICI Bank launched internet banking operations in 1998.[13]

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.[14] 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.[15]

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 non-Japan Asia to be listed on the NYSE.[16]

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.[14]

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.[17]

In 2008, following the 2008 financial crisis, customers rushed to ICICI ATMs and
branches in some locations due to rumours 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 rumours.[18]

Acquisitions

1996: SCICI Ltd. A diversified financial institution with headquarters in Mumbai[19]

1997: ITC Classic Finance. incorporated in 1986, ITC Classic was a non-bank financial
firm that engaged in hire, purchase, and leasing operations. At the time of being
acquired, ITC Classic had eight offices, 26 outlets, and 700 brokers.[20] 1998:
Anagram(ENAGRAM) Finance. Anagram had built up a network of some 50 branches
in Gujarat, Rajasthan, and Maharashtra that were primarily engaged in retail
financing of cars and trucks. It also had some 250,000 depositors.[21] 2001: Bank of
Madurai[22] 2002: The Darjeeling and Shimla branches of Grindlays Bank[23] 2005:
Investitsionno-Kreditny Bank (IKB), a Russian bank [24] 2007: Sangli Bank. Sangli
Bank was a private sector unlisted bank, founded in 1916, and 30% owned by the
Bahte family. Its headquarters were in Sangli in Maharashtra, and it had 198
branches. It had 158 in Maharashtra and 31 in Karnataka, and others in Gujarat,
Andhra Pradesh, Tamil Nadu, Goa, and Delhi. Its branches were relatively evenly
split between metropolitan areas and rural or semi-urban areas.[25] 2010: The Bank
of Rajasthan (BOOR) was acquired by the ICICI Bank in 2010 for 30 billion. RBI was
critical of BOR's promoters not reducing their holdings in the company. BOR has
since been merged with ICICI Bank.[19]
Role in Indian financial infrastructure

The bank has contributed to the set-up of a number of Indian institutions to

establish financial infrastructure in the country over the years:

National Stock Exchange - The National Stock Exchange was promoted by India's
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.[26] Credit Rating
Information Services of India Limited (CRISIL) - 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.
[27] National Commodities and Derivatives Exchange Limited - NCDEX is an 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.[28] 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
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.[29] 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 Government of Gujarat as a national resource organisation committed to
entrepreneurship development, education, training and research.[30] 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.[31] 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.[32][33] Credit Information Bureau of India Limited ICICI Bank has also helped in setting up Credit Information Bureau of India Limited
(CIBIL), India's 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.[34]
Institutional Investor Advisory Services India Limited (IiAS) ICICI Bank has
indirectly invested in Institutional Investor Advisory Services, through ICICI
Prudential Life Insurance Company, in IiAS. IiAS is a voting advisory firm aka proxy
firm, dedicated to providing participants in the Indian market with data, research
and commentary. It provides recommendations on resolutions placed before
shareholders of over 300 companies.
Products

ICICI Merchant Services

ICICI Merchant Services represents an alliance formed in 2009 between ICICI Bank,
Indias largest private sector bank, and First Data, a global leader in electronic

commerce and payment services. First Data is the majority stakeholder in the
alliance with ICICI Bank holding 19%.[35]

Money2India

Money2India (www.money2India.com) is an online money transfer tracking service

offered to Non-Resident Indians by ICICI Bank Ltd. With an ever-expanding base
since its launch, it is the preferred mode of online money transfers to India,
facilitating seamless money transfers with round the clock customer service
availability. To use this service, a user needs to complete a simple one-time online
registration by accessing www.money2India.com and can thereafter, start sending
money from any bank in 9 countries (USA, Canada, UK, Singapore, Australia, UAE,
Sweden, Switzerland and Hongkong) to any beneficiary account with over 100
banks in India.[36]

Extra home loans

ICICI Bank Extraa Home Loans are 'mortgage-guarantee' backed loans for retail
customers who aspire to purchase their first homes in the affordable housing
segment. This was introduced in August 2015 in association with India Mortgage
Guarantee Corporation (IMGC). IMGC is a joint venture between National Housing
Bank (NHB), an RBI subsidiary which regulates Home Finance Companies in India;
NYSE-listed Genworth Financial Inc., a Fortune 500 company; International Finance
Corporation (IFC) and Asian Development Bank (ADB).[37]

Smart Vault

Smart Vault are fully automated lockers available 24x7, including weekends and
post banking hours were launched in August 2015. The Smart Vault uses robotic
technology to access the lockers from the safe vault conveniently at any time of
their preference in total privacy, without any intervention of the branch staff.[38]

Saral Loans

In August 2015, ICICI Bank introduced Saral-Rural Housing Loan. Applicants from
rural areas including women borrowers as well as seekers from weaker sections can
now avail home loans at the ICICI Bank Base Rate (I-Base) which is currently at
9.70%. An eligible borrower can take up to Rs.15 lac under the ICICI Bank SaralRural Housing Loan.[39]

ICICI Bank Unifare Bangalore Metro Card

ICICI Bank and Bangalore Metro Rail Corporation Limited (BMRCL) in April 2015,
announced the launch of the ICICI Bank Unifare Bangalore Metro Card to offer the
commuters dual benefits of an ICICI Bank credit or debit card and BMRCLs smart
card, called Namma Metro Smart Card.[40]

'Touch n Remit' facility for NRIs in Kingdom of Bahrain

In March 2015, ICICI Bank tied up with SADAD Electronic Payments WLL to offer
remittance service for NRIs based in Bahrain, enabling them to transfer monies
instantly to India from the latters kiosks spread across the Kingdom of Bahrain. This
facility has been named as Touch n Remit.[41]

ICICI Bank Ltd launches 'Video Banking' for NRI

In February 2015, ICICI Bank announced the launch of 'Video Banking' for all its NRI
(Non Resident Indian) customers. Using this service, the customers can now connect
with a customer care representative over a video call, round-the-clock, on all days
from anywhere using their smart phone.[42]

Pockets by ICICI Bank

In February 2015, ICICI Bank Re-Launched POCKETS, now working as a "Digital

wallet" for everyone (Android OS users only). The Wallet can be opened by anyone
and can conduct transactions like recharge, shopping, transfer money using the
virtual visa card which is issued when signing up for the wallet.[43]

ICICIBankPay on Twitter

ICICI Bank in January, 2015 launched banking services on Twitter, christened as

'ICICIBankPay'. This service in India enables ICICI Bank customers to transfer money
to anyone in the country who has a Twitter account, check account balance, view
last three transactions and recharge prepaid mobile in a completely secure manner.
[44]

Contactless Credit and Debit Cards

ICICI Bank in January, 2015 announced the launch of the countrys first Contactless
debit and credit cards, enabling its customers to make electronic payments by just
waving the cards near the merchant terminal in lieu of dipping or swiping them.
These cards are based on the Near Field Communication (NFC) technology, which
provides customers the improved convenience of speed as these cards require
significantly less time than traditional cards to complete a transaction along with
enhanced security as they remain in control of the customer.[45]

MySavings Rewards

ICICI Bank has rolled-out the programme 'MySavings Rewards' from 1 September
2012, where reward points are offered to individual domestic customers for a
variety of transactions done through the savings bank account. Reward points are
offered automatically to customers for activating Internet banking, shopping online/
paying utility bills with Internet banking and auto-debit from savings account
towards equated monthly installments for home/ auto/ personal loan/ recurring
deposit. Customers are required to maintain a monthly average balance of 15,000
or more. th Indian bank will recuire 5.5% interest on short term loans and long term
bonds and mortgages loans up to $2 million up to 20years to pay back annual
interest of 5.5% short term loans from 3 months up to 3years at 5.5% .credit
interest is reduced to 10% annually .[46]

iWish- the flexible recurring deposit

iWish is a flexible recurring deposit product launched by ICICI Bank for its savings
account customers. Unlike a traditional recurring deposit, iWish allows customers to
save varying amounts of money at any time of their choice. Customers can create
several goals and track their progress on an online interface.[47]

ICICI Bank has developed this product in collaboration with Social Money. ICICI Bank
has also launched an app for Android and Apple smartwatches. The app will provide
the facility of online banking transaction from smartwatch.[48]

Go Green Initiative

The Go Green Initiative is an initiative [49] that moves beyond people, processes
and customers to cost effective automated channels to build awareness of our
environment, nation and society. The various green products and services are
Instabanking [49] (alternate banking options like- Internet banking, i-Mobile
banking, & IVR Banking. On 22 September 2014 ICICI Bank launched Four New Next
Gen Mobile Banking Apps), Vehicle Finance [49] for car models which use alternate
modes of energy (50% waiver on processing fee of auto loans.

Literary Endavours

ICICI Bank launched the Jiyo Khulke contest on March 16, 2015 wherein ICICI
customers were invited to write their Jiyo Khulke moment their most cherished
moment of life in a choice of 11 languages. In 2016 the efforts of ICICI enters
Limca Book of Records.[50]

Subsidiaries

Domestic

ICICI Prudential Life Insurance Company Limited ICICI Lombard General Insurance
Company Limited ICICI Prudential Asset Management Company Limited ICICI
Prudential Trust Limited ICICI Securities Limited ICICI Securities Primary Dealership
Limited ICICI Venture Funds Management Company Limited ICICI Home Finance
Company Limited ICICI Investment Management Company Limited ICICI Trusteeship
Services Limited ICICI Prudential Pension Funds Management Company Limited[51]
International

ICICI Bank USA ICICI Bank UK PLC ICICI Bank Canada ICICI Bank Eurasia Limited
Liability Company ICICI Securities Holdings Inc. ICICI Securities Inc. ICICI
International LImited
Awards and Achievements of ICICI

2003

"The Asian Banker Excellence in Retail Financial Services Program" by The Asian
Banker[52]
2004

Best Bank in India Award presented by Euromoney Magazine[53]

2006

Bank of the Year 2006 India by the Banker[54]

2007

ICICI Bank has been conferred the Euromoney Award 2007 for the Best Bank in the
Asia-Pacific Region[55] ICICI Bank wins the Excellence in Remittance Business award
by The Asian Banker[56] ICICI Bank was got the awards for 'Best Transaction Bank'
in India,[57] 'Best Domestic Bank' in India,[58] 'Best follow-on offering'(US$4.94
billion), 'Best Investment Grade Bond'(US$2 billion, three-tranche bonds), Best
Syndicated Loan Managers[59] by Asset.

2009

ICICI Bank bags the "Best bank in SME financing (Private Sector)" at the Dun &
Bradstreet Banking awards[60] ICICI Bank won the Best Banking Security Systems
Project Award and Best E-Banking Project Implementation Award by The Asian
Banker.[61]
2010

ICICI Bank won the Best Banking Security System by The Asian Banker.[62]
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[63] ICICI Bank won the 'Best CRM
Project' and 'Best Banking Security Systems' by The Asian Banker.[64]
2012

Airtel, ICICI among 'top 100 global brands'[65] ICICI Bank received the Golden
Peacock Innovative Product / Service Award.[66] ICICI Bank received the Dataquest
Technology Innovation Awards 2012 for Data center migration by Dataquest.[67]
ICICI Bank was conferred the Best Performance Award for Self Help Group (SHG)
Bank Linkage Programme in NABARD's State Level Awards announced by their
Maharashtra Regional Office. The Bank received the first prize for the year 201011
in the Private Sector Bank category and 2nd runner up for the year 201112 in the
Commercial Bank category.[67]
2013

ICICI Bank has been adjudged winner at the Express IT Innovation Award under the
Large Enterprise category[68] ICICI Bank won the RMAI received the "Gram
Samvad", Service for Low cost/Small budget marketing initiative Award by Rural
Marketing Association of India (RMAI).[69] ICICI bank won the 'Next Generation
Banking solution' award by Celent.[70] ICICI bank won the Best Domestic Trade
Finance Bank and Best Financial Supply Chain Project Award in India by The Asian
Banker[71][72] ICICI Bank won the honours of the Medici Innovation Hall of Fame

Award, instituted by The Medici Institute in collaboration with the Medici Group,
USA.[73]
2014

According to the Brand Trust Report 2014, ICICI Bank was ranked 28th among India's
most trusted brands, a research conducted by Trust Research Advisory.[74] ICICI
Bank was ranked second at the 'National Energy Conservation Award 2014' under
the office buildings (less than 10 lakh kWh/year consumption) category.[75] ICICI
Bank was fifth in the world and second in India on the 'Top Companies for Leaders'
in a study conducted by Aon Hewitt.[76] ICICI bank won the Best Private Sector
Bank - Global Business Development by Polaris Financial Technology Banking
Awards 2014. IDBRT awarded ICICI for 'Best Bank Award for Business Intelligence
Initiatives among Large Banks' and 'Best Bank Award for Social Media and Mobile
Banking Among Large Banks'.[77] ICICI bank was awarded the Certificate of
Recognition as one of the Top 5 Companies in Corporate Governance in the 14th The
Institute of Company Secretaries of India National Awards for Corporate
Governance. They were honoured by Arun Jaitley.[78] ICICI Bank has been honoured
as The Best Service Provider - Risk Management, India at The Asset Triple A
Transaction Banking, Treasury, Trade and Risk Management Awards 2014. ICICI Bank
was awarded the 'Best Retail Bank in India', 'Best Microfinance Business' and 'Best
Retail Banking Branch Innovation' under the 'Excellence in Retail Financial Services
awards 2014' and Technology Implementation Award for Lending Platform
Implementation by The Asian Banker.[79][80]
2015

ICICI Bank won an award in the BFSI Leadership Summit & Awards in the 'Best
Phone Banking for End-users' category[81] ICICI Bank won in six categories and was
the first runner-up in one category among Private Sector Banks at IBA Banking
Technology Awards, 2015. The bank was declared winner in the six categories of
Best Technology Bank of the Year, Best use of Data, Best Risk Management
Initiatives, Best use of Technology in Training, Human Resources and e-Learning
initiatives, Best Financial Inclusion Initiative and Best use of Digital and Channels
Technology. ICICI Bank was the first runner-up in Best use of Technology to Enhance
Customer Experience[82] ICICI Bank has been declared as the first runner up at
Outlook Money Awards 2015 in the category of Best Bank ICICI Bank has been
adjudged the Best Retail Bank in India by The Asian Banker. It has also emerged
winners in the categories of Best Internet Banking Initiative and Best Customer
Risk Management Initiative awards given by The Asian Banker.[83] Best Local
Trade Finance Bank in India at Global Trade Review Asia Leaders in Trade Awards
2015. Best Foreign Exchange Bank in India, at Finance Asias 2015 Country

Banking Achievement Awards. Best Private Sector Bank under Global Business
category at the Dun & Bradstreet Banking Awards 2015. Best Website Design in
Asia-Pacific at Global Finance 2015 Worlds Best Digital Bank Awards. Winner at the
National Energy Conservation Awards 2015 under the Office Buildings category
(energy consumption of over 1 million units per annum). First among private sector
banks in The Economic Times Brand Equitys Most Trusted Brands survey 2015.
Runner up in the categories of Immediate Payment Service, Cheque Truncation
System and National Financial Switch at the National Payments Excellence Awards
2015 organised by the National Payments Corporation of India. The Bank was also
felicitated with a special award for issuing the largest number of RuPay Platinum
cards.
[84] 2016

Best Retail Bank in India at the Asian Banker International Excellence in Retail
Financial Services Awards 2016. ICICI Bank has won this award three years in a row.
Gold awards in the Bank and Credit card issuing Bank segments under Finance
category in the Readers Digest Trusted Brand 2016 Survey. First in The Brand Trust
Report, India Study 2016 by Trust Research Advisory under the Banking Financial
Services and Insurance category. Winner at the Global Safety Awards 2016
organised by the Energy and Environment Foundation. This award is sponsored by
Ministry of Petroleum & Natural Gas and Ministry of Coal, Government of India.