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This bank has an well spread out network of over 1300 commercial branches and about 3950 ATMs in India. In addition it has branches in 18 nations. ICICI Bank offers variegated services to individual and corporate clients through its delivery channels, affiliates and subsidiaries. Together with commercial banking services, this bank provides insurance, asset management, venture capital and investment banking services.
Brief history
ICICI Bank was promoted by ICICI (Industrial Credit and Investment Corporation of India) Limited in 1994 as its wholly owned subsidiary. ICICI's share holding reduced to 46% after a public issue in 1998 and a subsequent equity offering of American depository receipts (ADR) listed in New York stock exchange in 2000.
Incidentally ICICI was established on World Bank's initiative by Government of India and Indian industry representatives in 1955. It was created with aim of providing long and medium term financial assistance to Indian industries and businesses. In 1990s, ICICI transformed itself from a developmental finance institute to an organization offering diversified financial services to individuals and corporations. ICICI holds distinction of being first Indian company and first financial institution from Asia, apart from Japan, to be listed on New York Stock Exchange.
Products and services
Services and products of ICICI Bank may be categorized into personal banking, business banking, and NRI (non resident Indian) banking.
Personal banking - Deposits in form of savings, recurring, term deposits, senior citizen deposits and children's depository accounts are there for individual customers. Individual customers can also avail of their housing, automobile, farm equipment, business or personal loan schemes. Personal clients can also invest in mutual funds, or participate in stock trading through ICICI Bank.
Business banking – Business banking services of ICICI Bank are exhaustive. Project financing, deal assessment, and land evaluation are investment banking services offered to corporate clients. Global trade and cash management transaction services facilitate remittances and receipts across important cities. Capital market and custodial services enable business houses to participate in equity trading and transfer across major stock markets of world.
Financials
ICICI Bank till March 2008 had assets worth US $91.07 billion. Its sales amounted to US $9.84 billion, and its profit earned was US $0.64 billion.
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Awards and recognition
ICICI Bank was identified as best bank of India in 2008 by NDTV Profit Outlook Money. In this same year this bank was awarded 'Best Trade Finance Bank and Provider in India'. In 2007, Institute of Chartered Accountants of India conferred a gold shield to ICICI Bank for 'Excellence in Financial Reporting.'
Current financial crisis
Failure of banking machinery in United States spread a strong rumor that ICICI Bank, which has significant deposits in form of American depository receipts (ADR), is cutting down on its operations. However ICICI Bank authority has assured its customers, that it’s adequate liquidity can help it tide over any financial crisis. Indian finance ministry has backed ICICI Bank stating that their capital adequacy ratio of 10 percent is above minimum requirement of 9 percent.
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