Icici Bank

History

• The World Bank, the Government of India and representatives of Indian industry form ICICI Limited as a development finance institution to provide medium-term and long-term project financing to Indian businesses.
• 1994 ICICI establishes ICICI Bank as a subsidiary.
• 1999 ICICI becomes the first Indian company and the first bank or financial institution from non-Japan Asia to list on the NYSE.
• 2001 ICICI acquired Bank of Madurai (est. 1943) in a rescue mandated by RBI. Bank of Madurai was a Chettiar bank, and had acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (est. 1904) in the 1960s.
• 2002 The Boards of Directors of ICICI and ICICI Bank approve the merger of ICICI, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. After receiving all necessary regulatory approvals, ICICI integrates the group's financing and banking operations, both wholesale and retail, into a single entity.

International Expansion

• 2002 ICICI establishes representative offices in NY and London.
• 2003 ICICI opens subsidiaries in Canada and the United Kingdom (UK), and in the UK it establishes alliance with Lloyds Bank TSB. It also opens an Offshore Banking Unit (OBU) in Singapore and representative offices in Dubai and Shanghai.
• ICICI is planning on opening offices in Bangladesh to tap the extensive trade between that country and India, Sri Lanka, and South Africa. It has received Reserve Bank of India approval for the Bangladesh and South African offices, and for a subsidiary in Russia.

External Links

• ICICI Bank

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