ICICI Bank facts for kids
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Headquarters in Bandra Kurla Complex, Mumbai
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Formerly
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Industrial Credit and Investment Corporation of India (as a Government Organization) |
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| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=INE090A01021 INE090A01021] |
| Industry | Financial services |
| Founded | 5 January 1994 |
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Number of locations
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5,900 (March 2023) |
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Area served
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Worldwide |
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Key people
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| Revenue |  ₹236,037.72 crore (US$40 billion) (2024) |
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Operating income
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₹64,146.77 crore (US$11 billion) (2024) |
| ₹44,256.37 crore (US$7.5 billion) (2024) |
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| Total assets | ₹2,364,063.03 crore (US$400 billion) (2024) |
| Total equity | ₹270,032.26 crore (US$46 billion) (2024) |
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Number of employees
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130,542(2022) |
| Subsidiaries | ICICI Prudential Life Insurance ICICI Prudential Mutual Fund ICICI Lombard ICICI Securities ICICI Direct ICICI Home Finance Company |
| Capital ratio | Tier 1 16.97% (2022) |
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ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with a registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
This development finance institution has a network of 6000 branches, and 17000 ATMs across India and has a presence in 17 countries. The bank has subsidiaries in the United Kingdom and Canada; branches in 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. The Reserve Bank of India (RBI) has identified the State Bank of India, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs), which are often referred to as banks that are “too big to fail”.
Contents
History
The Industrial Credit and Investment Corporation of India (ICICI) was a government institution established on 5 January 1955 and Sir Arcot Ramasamy Mudaliar was elected as the first Chairman of ICICI Ltd. It was structured 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. ICICI Bank was established by ICICI, as a wholly owned subsidiary in 1994 in Vadodara. The bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to ICICI Bank. 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 of parent ICICI Ltd. into its subsidiary ICICI Bank led to privatization.
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. ICICI Bank launched Internet Banking operations in 1998.
ICICI's shareholding in ICICI Bank was reduced to 46% 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 1999, ICICI become the first Indian company and the first bank or a financial institution from non-Japan Asia to be listed on the NYSE.
ICICI, ICICI Bank, and ICICI subsidiaries ICICI Personal Financial Services Limited and ICICI Capital Services Limited merged in a reverse merger in 2002. During the financial crisis of 2007–2008, customers rushed to ICICI ATMs and branches in some locations due to rumors of bank failure. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumours.
In 2015, ICICI unveiled an outward remittance platform called ‘Money2World’. The first of its kind, it enabled fully online outward remittance transactions for non-ICICI and ICICI customers alike. In March 2020, the board of ICICI Bank Ltd. approved an investment of ₹10 billion (US$170 million) in Yes Bank, resulting in a 5% ownership interest in Yes.
Acquisitions
- 1996: ICICI Ltd. A diversified financial institution with headquarters in Mumbai
- 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.
- 1997: SCICI (Shipping Credit and Investment Corporation of India)
- 1998: Anagram (ENAGRAM) Finance. Anagram had built up a network of some 50 branches in Gujarat, Rajasthan, and Maharashtra that were primarily engaged in the retail financing of cars and trucks. It also had some 250,000 depositors.
- 2001: Bank of Madura
- 2002: The Darjeeling and Shimla branches of Grindlays Bank
- 2005: Investitsionno-Kreditny Bank (IKB), a Russian bank
- 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.
- 2010: The Bank of Rajasthan (BOR) was acquired by the ICICI Bank in 2010 for ₹30 billion (US$510 million). Reserve Bank of India was critical of BOR's promoters not reducing their holdings in the company. BOR has since been merged with ICICI Bank.
Role in Indian financial infrastructure
ICICI Bank has contributed to the setting up of a number of Indian institutions to establish financial infrastructure in the country over the years:
- In 1992, India's leading financial institutions, including ICICI Ltd., promoted the National Stock Exchange of India on behalf of the Government of India to establish a nationwide trading facility for equities, debt instruments, and hybrids, ensuring equal access to investors across the country through an appropriate communication network.
- In 1987, ICICI Ltd along with UTI set up CRISIL as India's first professional credit rating agency.
- NCDEX (National Commodities and Derivatives EXchange) was 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.
- ICICI Bank facilitated the 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.
- Entrepreneurship Development Institute of India (EDII), 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.
- 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.
- 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. 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.
- ICICI Bank helped establish India's first national credit bureau, Credit Information Bureau of India Limited (CIBIL), in 2000. CIBIL provides credit information reports to its members, containing the credit history of both commercial and consumer borrowers.
Products
ICICI Bank offers products and services such as savings and current accounts, trade and forex services, fixed and recurring deposits, business loans, home loans, personal loans, auto loans, and gold loans, NRI Banking services, remittances, card services, lockers, agri and rural services. The digital platforms that ICICI Bank offers include iMobile Pay, InstaBiz, Digital Rupee App, Retail Internet Banking, Corporate Internet Banking, Money2India, Money2World, and digital wallet named Pockets by ICICI Bank.
In March 2020, ICICI Bank launched 'ICICI STACK,' a digital banking suite for individuals, merchants, and corporates, providing online services such as payments, digital accounts, instant loans, insurance, investments, and more.
In December 2020, ICICI Bank introduced 'iMobile Pay', an interoperable app offering payment and banking services to customers across various banking institutions. The app was originally launched as iMobile in 2008. iMobile Pay provides over 350 services. iMobile Pay registered over 10 million sign-ups from non-ICICI Bank account holders by the end of September in 2023.
In July 2019, ICICI Bank introduced the InstaBIZ app to offer enhanced banking and value-added services to micro, small, and medium (MSME) customers, and customers of any bank.InstaBIZ offers interoperability, enabling merchants to instantly collect payments using UPI IDs and QR codes. The app currently has approximately 1.5 million active users, with a year-on-year throughput growth of over 70%.As of September 2022, the platform had accumulated around 195,000 registrations from non-ICICI Bank account holders.
Subsidiaries
ICICI Prudential Life Insurance
ICICI Lombard
ICICI Prudential Mutual Fund
ICICI Securities
ICICI Bank Canada
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| Subsidiary | |
| Industry | Financial services |
| Founded | 2003 |
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Key people
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Vikash Sharma (President and Chief Executive Officer) |
| Parent | ICICI Bank Limited |
ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank, whose corporate office is located in Toronto. Established in December 2003, ICICI Bank Canada is a full-service direct bank with assets of about $6.5 billion as of 31 December 2019. It is governed by Canada's Bank Act and operates under the supervision of the Office of the Superintendent of Financial Institutions. The bank has seven branches in Canada.
In 2003, ICICI Bank Canada was established as a Schedule II (foreign-owned or -controlled) bank. It was incorporated in November and opened its head office and downtown Toronto branch in December. In 2004 it launched an online banking platform. In 2005, it launched its financial advisor services channel. In 2008, the bank relocated its corporate office to the Don Valley Business Park in Toronto. In 2010, it launched a mortgage broker service. In 2014, the bank launched a mobile banking app.
ICICI Bank Canada is a member of several esteemed trade association; as well as the Canadian Bankers Association (CBA); a registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks; Interac Association; Cirrus Network; and The Exchange Network.
ICICI Bank UK PLC
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An ICICI Bank branch in London, United Kingdom
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| Subsidiary | |
| Industry | Financial services |
| Founded | 2003 |
| Parent | ICICI Bank Limited |
ICICI Bank UK PLC was incorporated in England and Wales on 11 February 2003, as a private company with the name ICICI Bank UK Ltd. It then became a public limited company on 30 October 2006. Presently the Bank has seven branches in the UK: one each in Birmingham, East Ham, Harrow, London, Manchester, Southall and Wembley.
The bank currently has seven branches in the UK. ICICI Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. It is covered by the Financial Services Compensation Scheme (FSCS). The bank has a long-term foreign currency credit rating of Baa1 from Moody's. On 31 March 2019, it had a capital adequacy ratio of 16.8%.
ICICI Bank UK PLC offers products and services such as a current account, savings account, remittance to India, safe deposit box, NRI Services, business banking, foreign exchange services, commercial real estate and corporate banking. In 2019, ICICI Bank UK PLC launched an instant account opening facility through its iMobile app.
ICICI Bank Regional Subsidiaries
ICICI Bank has operations in Bahrain, Germany, Europe, Hong Kong, and China in addition to the countries mentioned above.
See also
In Spanish: ICICI Bank para niños
- Banking in India
- List of banks in India
- Reserve Bank of India
- ICICI Lombard General Insurance
- ICICI Prudential Life Insurance
- ICICI Prudential Mutual Fund
