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in India. Headquartered in Mumbai, 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 specialised subsidiaries in the areas of investment banking, life and nonlife insurance, venture capital and asset management. The Bank has a network of 2,533 branches and 6,700 ATMs 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.[3] ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
Contents
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1 Corporate history 2 Corporate governance o 2.1 Group Anti Money Laundering Policy o 2.2 Code of Conduct 3 Creation of market infrastructure in India 4 Corporate Social Responsibility programmes for Elementary Education o 4.1 Read to Lead Phase I o 4.2 Read to Lead Phase II 5 Go Green Initiative o 5.1 Objective o 5.2 Green products and services o 5.3 Carbon Footprint Calculator 6 Subsidiaries o 6.1 Domestic o 6.2 International 7 Acquisitions 8 Awards 9 Controversy 10 See also 11 References 12 External links
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 publicsector insurance companies to provide project financing to Indian industry.[4][5] 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 1994.[6] 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 non-Japan Asia to be listed on the NYSE. [7] 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.[8] 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.[9]
ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and employees.[11]
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.[17] 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.[18][19] 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.[20]
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
[edit] Objective
ICICI Banks Green initiatives range from Green offerings/incentives, Green engagement to Green communication with their customers.[23]
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.[24][25]
[edit] Subsidiaries
[edit] 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
[edit] International
ICICI Bank UK PLC ICICI Bank Canada ICICI Bank Eurasia LLC
[edit] Acquisitions
2005: Investitsionno-Kreditny Bank (IKB), a Russian bank 2007: Sangli Bank 2010: Bank of Rajasthan
[edit] Awards
2004: Best Bank in India Award presented by Euromoney Magazine[26] 2007: ICICI Bank has been conferred the Euromoney Award 2007 for the Best Bank in the Asia-Pacific Region[27] 2007: ICICI Bank wins the Excellence in Remittance Business award by The Asian Banker[28] 2009: ICICI Bank bags the "Best bank in SME financing (Private Sector)" at the Dun & Bradstreet Banking awards[29] 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[30] 2011: ICICI Bank ranked 5th in the list of "57 Indian Companies", and 288 th in World Rankings in Forbes Global 2000 list.[31] 2011: ICICI Bank has won the "Banking Technology Awards 2010" at The Indian Banks Association in the following categories[32]
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[33] 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
[34]
[edit] Controversy
In 2010, then Finance Minister of India, Pranab Mukherjee, said that private sector lenders including ICICI Bank and HDFC Bank have reportedly violated RBI guidelines on engagement of agents to recover loans.[35] ICICI Bank has been in focus in recent years because of alleged harassment of customers by its recovery agents.
The Times of India in a 2007 article alleged that harassment by recovery agents employed by ICICI Bank drove a customer to suicide.[36] ICICI Bank paid compensation to the man's family.[37] In 2007, IBN Live reported that ICICI Bank recovery agents beat-up a customer who had missed loan installments on his car loan and forcibly took away the car.[38] In 2007, 4 recovery agents employed by ICICI Bank were arrested after they beat up Y. Yadaiah, an electrician from Andhra Pradesh, who later died.[39] In 2006, the Delhi High Court issued notices for an inquiry into the suicide of Himanshu Sharma, after he was abused by ICICI Bank recovery agents and employees.[40] Tehelka reported in 2007, that C.L.N Murthy, a scientist with the Hyderabad-based Indian Institute of Chemical Technology, was allegedly tortured by recovery agents of ICICI Bank after he defaulted on his loan.[41]