Headquartered in Vadodara, Gujarat the ICICI bank is yet another private sector Indian multinational banking and financial services company.
This bank was established in 1994 by the Industrial Credit and Investment Corporation of India which is an Indian financial institution. This parent company was formed in 1955 as a joint venture of Indian public sector banks and insurance companies and the World bank with the objective of providing project financing to the industries in India. The parent company however was later merged with the ICICI bank. Since its establishment the ICICI bank has made a number of acquisitions with first being the acquisition of SCICI ltd, a Mumbai based diversified financial institution and the latest being the acquisition of Bank of Rajasthan in 2010. Other acquisitions include the Bank of Madurai, the Darjeeling and Shimla branches of Grindlays Bank and many other banks.
The ICICI bank converted its business from being a development financial institution to becoming a diversified financial services group in the 1990s. It also widened its product and services offerings. In 2000 the ICICI bank got listed on the New York Stock Exchange and became the first Indian bank to do so. In October 2001 ICICI and ICICI Personal Financial Services Limited and ICICI capital services Limited merged with the ICICI bank.
Some of the innovative products offered by ICICI bank are ICICI Bank Unifare Bangalore Metro Card, 'Touch n Remit' facility for NRIs in Kingdom of Bahrain, ICICI Bank Ltd launches 'Video Banking' for NRI, Pockets by ICICI Bank, ICICIBankPay on Twitter, Contactless Credit and Debit Cards, MySavings Rewards and iWish- the flexible recurring deposit. As part of its Go Green initiative it also offers Green products and services like Instabanking, Vehicle Finance and carbon Foot print Calculator. The bank has a huge country wide distribution network of 4050 branches and 12,642 ATMs.