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ICICI Bank India
ICICI Bank India is the largest private bank in India and the second largest in the entire banking sector (consisting of banks belonging to both public and private sector). Only State Bank of India (SBI), controlled entirely by the Government of India has a bigger business than ICICI Bank.
About ICICI Bank India
Founded in 1955 as Industrial Credit and Investment Corporation of India, ICICI Limited was established by the Government of India in the 1960s as a Financial Institution like Industrial Development Bank of India (IDBI) to finance large industrial projects.
ICICI then, was not a bank and hence could not take retail deposits and was not required to comply with Indian banking requirements for liquid reserves. ICICI borrowed funds from various agencies like the World Bank, often at concessional rates. These funds were deployed in large corporate loans. However, the scenario changed drastically in1990s when ICICI founded a separate legal entity and named it "ICICI Bank".ICICI Bank,as the name would suggest, undertook normal banking operations like accepting deposits,issuing credit cards, providing car loans etc. The experiment was so successful that ICICI merged into ICICI Bank and this "reverse merger" happened in 2002.
Financial Results (as on March, 2006)
Controversies
At the time of the reverse merger,rumors propped up that ICICI had a large proportion of Non Performing Loans (NPAs) in its books of accounts, primarily in the name of the steel industry. The circumstances that forced this belief was that since 2002, there had been a general revival in Indian industry (particularly in metal based industry).
Recently, ICICI Bank has been in news for providing poor customer service. The financial consultants and advisors associated with ICICI Bank have been reportedly giving false information (like exaggerated numbers) about the ICICI Prudential Life Insurance Policy. Moreover, the home loan facility provided by them is not up to their standards. The rapid growth of the bank is being held responsible for causing an inability to ensure goodwill amongst customers.
Success story
Today, ICICI Bank,India has the largest market share and value among all banks in retail or consumer financing. ICICI Bank is the largest issuer of credit cards in India. It was the first bank to offer a wide network of ATM's and had the largest network of ATM's till 2005, before SBI caught up with it.
ICICI bank now is widely seen as a sophisticated bank able to take on many global banks in the Indian market. The bank is expanding in overseas markets. It has operations in the UK, Hong Kong, Singapore and Canada. It acquired a small bank in Russia recently. It has tie-ups with major banks in the US and China. The bank is aggressively targeting the NRI (Non Resident Indian) population for expanding its business.
ICICI BANK LTD
Managing Director & Chief Executive Officer: Mr K V Kamath
Address: ICICI Bank Towers
C - 15, G - Block, Bandra Kurla Complex
Bandra (E)
City: Mumbai
Pin: 400 051
State: Maharashtra
Phone No.: +91-22-26531414
Website: http://icicibank.com/
Fax: +91-22-26531122 / 368 / 212
About ICICI Bank India
Founded in 1955 as Industrial Credit and Investment Corporation of India, ICICI Limited was established by the Government of India in the 1960s as a Financial Institution like Industrial Development Bank of India (IDBI) to finance large industrial projects.
ICICI then, was not a bank and hence could not take retail deposits and was not required to comply with Indian banking requirements for liquid reserves. ICICI borrowed funds from various agencies like the World Bank, often at concessional rates. These funds were deployed in large corporate loans. However, the scenario changed drastically in1990s when ICICI founded a separate legal entity and named it "ICICI Bank".ICICI Bank,as the name would suggest, undertook normal banking operations like accepting deposits,issuing credit cards, providing car loans etc. The experiment was so successful that ICICI merged into ICICI Bank and this "reverse merger" happened in 2002.
Financial Results (as on March, 2006)
- Sales: US $ 5.79 billion (US $ 3.18 billion in March,2005)
- Profits: US $0.569 billion (US $ 0.360 billion in March,2005)
- Assets: US $ 56.3 billion (US $ 30.06 billion in March,2005)
Controversies
At the time of the reverse merger,rumors propped up that ICICI had a large proportion of Non Performing Loans (NPAs) in its books of accounts, primarily in the name of the steel industry. The circumstances that forced this belief was that since 2002, there had been a general revival in Indian industry (particularly in metal based industry).
Recently, ICICI Bank has been in news for providing poor customer service. The financial consultants and advisors associated with ICICI Bank have been reportedly giving false information (like exaggerated numbers) about the ICICI Prudential Life Insurance Policy. Moreover, the home loan facility provided by them is not up to their standards. The rapid growth of the bank is being held responsible for causing an inability to ensure goodwill amongst customers.
Success story
Today, ICICI Bank,India has the largest market share and value among all banks in retail or consumer financing. ICICI Bank is the largest issuer of credit cards in India. It was the first bank to offer a wide network of ATM's and had the largest network of ATM's till 2005, before SBI caught up with it.
ICICI bank now is widely seen as a sophisticated bank able to take on many global banks in the Indian market. The bank is expanding in overseas markets. It has operations in the UK, Hong Kong, Singapore and Canada. It acquired a small bank in Russia recently. It has tie-ups with major banks in the US and China. The bank is aggressively targeting the NRI (Non Resident Indian) population for expanding its business.
ICICI BANK LTD
Managing Director & Chief Executive Officer: Mr K V Kamath
Address: ICICI Bank Towers
C - 15, G - Block, Bandra Kurla Complex
Bandra (E)
City: Mumbai
Pin: 400 051
State: Maharashtra
Phone No.: +91-22-26531414
Website: http://icicibank.com/
Fax: +91-22-26531122 / 368 / 212
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