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20-06-2017, 09:03 PM

What is an Index

jaseela123d · 27-06-2017, 10:10 AM

ICICI Bank is a multinational banking and financial services company based in Mumbai, Maharashtra, India, based in Vadodara. In 2014, it was the second largest bank in India in terms of assets and third in terms of market capitalization. It offers a wide range of banking products and financial services to corporate and retail clients through a variety of distribution channels and specialized subsidiaries in the areas of investment banking, life insurance, non-life, 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 British subsidiary of the company has also established branches in Belgium and Germany.

ICICI's participation in ICICI Bank was reduced to 46 percent through a public offering of shares in India in 1998, followed by an offering of shares in the form of American Depositary Receipts on the NYSE in 2000. ICICI Bank acquired Bank of Madura Limited in a All stocks in 2001 and sold additional holdings to institutional investors during 2001-02.

In the 1990s, ICICI transformed its business from a development finance institution that offered only project financing to a diversified group of financial services, offering a wide variety of products and services, both directly and through various subsidiaries and affiliates ICICI Bank. In 1999, ICICI became the first Indian company and the first non-Japanese Asian bank or institution to trade on the NYSE. In 2000, ICICI Bank became the first Indian bank to list on the New York Stock Exchange with its five million US deposit shares generating a demand book of 13 times the size of the offer.

In October 2001, ICICI and ICICI Bank's Board of Directors approved the merger of ICICI and two of its wholly-owned retail financing 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 Superior Court of the Judiciary in Mumbai and the Reserve Bank of India in April Of 2002.

In 2008, after the 2008 financial crisis, customers turned to ATMs and ICICI branches in some places due to rumors of ICICI Bank's adverse financial position. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumors.

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