Largest Private Bank in India! – ICICI
Here is the successful path of ICICI bank, in India and overseas. They have Grown in a faster phase than any other private Banks in India, so they deserves the largest private bank in India.
- In 1955, The Industrial Credit and Investment Corporation of India Limited (ICICI) were incorporated at the initiative of World Bank.
- In 1994, ICICI established Banking Corporation as a banking subsidiary. Formerly known as Industrial Credit and Investment Corporation of India, ICICI Banking Corporation was later renamed as ‘ICICI Bank Limited’.
- In 2001, ICICI acquired Bank of Madura (est. 1943). Bank of Madura was a Chettiar bank, and had acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (established 1904) in the 1960s.
- In 2002, The Boards of Directors of ICICI and ICICI Bank approved the reverse merger of ICICI, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, into ICICI Bank.
- After receiving all necessary regulatory approvals, ICICI integrated the group’s financing and banking operations, both wholesale and retail, into a single entity. At the same time, ICICI started its international expansion by opening representative offices in New York and London.
- In India, ICICI Bank bought the Shimla and Darjeeling branches that Standard Chartered Bank had inherited when it acquired Grindlays Bank.
- In 2003, ICICI opened subsidiaries in Canada and the United Kingdom (UK), and in the UK it established an alliance with Lloyds TSB.
- It also opened an Offshore Banking Unit (OBU) in Singapore and representative offices in Dubai and Shanghai.
- In 2004, ICICI opened a representative office in Bangladesh to tap the extensive trade between that country, India and South Africa.
- In 2005, ICICI acquired Investitsionno-Kreditny Bank (IKB), a Russia bank with about US$4mn in assets, head office in Balabanovo in the Kaluga region, and with a branch in Moscow. ICICI renamed the bank ICICI Bank Eurasia.
- Also, ICICI established a branch in Dubai International Financial Centre and in Hong Kong. In 2006, ICICI Bank UK opened a branch in Antwerp, in Belgium. ICICI opened representative offices in Bangkok, Jakarta, and Kuala Lumpur.
- In 2007, ICICI amalgamated Sangli Bank, which was headquartered in Sangli, in Maharashtra State, and which had 158 branches in Maharashtra and another 31 in Karnataka State.
- Sangli Bank had been founded in 1916 and was particularly strong in rural areas. With respect to the international sphere, ICICI also received permission from the government ofQatar to open a branch in Doha. Also, ICICI Bank Eurasia opened a second branch, this time in St. Petersburg. In 2008, The US Federal Reserve permitted ICICI to convert its representative office in New York into a branch.
- ICICI also established a branch in Frankfurt. In 2009, ICICI made huge changes in its organisation like elimination of loss making department and restreching outsourced staff or renegotiate their charges in consequent to the recession. In addition to this, ICICI adopted a massive approach aims for cost control and cost cutting. In consequent of it, compesation to staff was not increased and no bonus declared for 2008-09.
- On 23 May ICICI Bank announced that it would merge with Bank of Rajasthan through a share-swap in a non-cash deal that values the Bank of Rajasthan at about 3,000 crore.
ICICI announced that the merger expand ICICI Bank’s branch network by 25%.
- Chanda Kochhar (indiancriticz.wordpress.com)
- “ICICI Bank & Vodafone Essar In Mobile Banking Partnership; Future ATMâ€™s â€” All Banks, All Telcos” and related posts (medianama.com)
- ICICI Bank shows the way down | Advantage zyaada (awardz.wordpress.com)