ICICI Bank stands for Industrial Credit and Investment Corporation of India, is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India, with registered office in Vadodara. In 2014, it was the second largest bank in India in terms of assets and the third in terms of market capitalization. It offers a wide range of banking products and financial services for corporate and retail clients through a variety of distribution channels and subsidiaries specialized in the areas of investment banking, life insurance, non-life insurance, venture capital and asset management. The bank has a network of 4,850 branches and 14,404 ATMs in India, and has a presence in 19 countries, including India.
The bank has subsidiaries in the United Kingdom and Canada; branches in the United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman, Dubai International Finance Center, China and South Africa; and representative offices in the United Arab Emirates, Bangladesh, Malaysia and Indonesia. The company's subsidiary in the United Kingdom has also established branches in Belgium and Germany.
ICICI's stake in ICICI Bank was reduced to 46 percent, through a public offering of shares in India in 1998, followed by an offer of shares in the form of American Depositary Receipts on the New York Stock Exchange in 2000. ICICI Bank acquired Bank of Madura Limited in a stock agreement in 2001 and sold additional shares to institutional investors during 2001-02.
In the 1990s, ICICI transformed its business from a development financial institution that only offered project financing to a diversified group of financial services, offering a wide variety of products and services, both directly and through various affiliates and affiliates. ICICI Bank. In 1999, ICICI became the first Indian company and the first bank or financial institution in non-Japanese Asia to be included in the New York Stock Exchange.
In 2000, ICICI Bank became the first Indian bank to be listed on the New York Stock Exchange with its issuance of five million US deposit shares generating a demand book 13 times the size of the offer. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by the shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat in Ahmedabad in March 2002 and by the High Court of Justice of Mumbai and the Reserve Bank of India in April 2002. .
In 2008, after the financial crisis of 2008, customers went to ICICI ATMs and branches in some places due to rumors of the adverse financial position of ICICI Bank. The Reserve Bank of India issued a clarification on the financial soundness of ICICI Bank to dispel the rumors.