It is the second largest bank in India in terms of assets and market capitalisation and the largest private sector bank in the country. ICICI Bank is an Indian multinational banking and financial services company that 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 more than 3,820 branches across countries.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI was formed in 1955 as an initiative of the World Bank, the Government of India and representatives of the Indian industry. The principal objective was to create a development financial institution for providing medium-term and longterm project financing to Indian businesses.
It is India’s largest private sector bank with total assets worth more than Rs 6,461.29 billion ($ 99 as on March 31, 2015 and profit after tax Rs 197.20 billion for the year ended March 31, 2015. ICICI Banks performance highlights 13.9% increase in standalone profit in FY 2015. ICICI Bank is one of the Big Four banks of India, along with State Bank of India, Punjab National Bank and Bank of Baroda. The bank has subsidiaries in the United Kingdom, Russia, and Canada, and branches in the United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre. It also has representative offices in the United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The company’s UK subsidiary has also established branches in Belgium and Germany.
The ICICI Foundation for Inclusive Growth (ICICI Foundation) was founded by the ICICI Group in early 2008 to carry forward and build upon its legacy of promoting
inclusive growth. ICICI Foundation works within public systems and specialised grassroots organisations to support developmental work in four identified focus areas. They are committed to investing in long-term efforts to support inclusive growth through effective interventions. ICICI’s shareholding in ICICI Bank was reduced to 46 per cent through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank’s acquisition of Bank of Madurai Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. For over five decades, the ICICI Group has partnered India in its economic growth and development. Promoting inclusive growth has been a priority area for the Group from both a social and business perspective. The ICICI Group strives to make a difference to its customers, to the society and to the nation’s development directly through its products and services, as well as through development initiatives and community outreach.