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ICICI Bank |
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ICICI Bank is
India's second-largest bank with total assets of Rs. 3,446.58
billion (US$ 79 billion) at March 31, 2007 and profit after tax of
Rs. 31.10 billion for fiscal 2007. ICICI Bank is the most valuable
bank in India in terms of market capitalization and is ranked third
amongst all the companies listed on the Indian stock exchanges in
terms of free float market capitalisation*. The Bank has a network
of about 950 branches and 3,300 ATMs in India and presence in 17
countries. ICICI Bank offers a wide range of banking products and
financial services to corporate and retail customers through a
variety of delivery channels and through its specialised
subsidiaries and affiliates in the areas of investment banking, life
and non-life insurance, venture capital and asset management. The
Bank currently has subsidiaries in the United Kingdom, Russia and
Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka and
Dubai International Finance Centre and representative offices in the
United States, United Arab Emirates, China, South Africa,
Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has
established a branch in Belgium.
ICICI Bank's equity shares are listed in India on Bombay Stock
Exchange and the National Stock Exchange of India Limited and its
American Depositary Receipts (ADRs) are listed on the New York Stock
Exchange (NYSE).
History
ICICI Bank was originally promoted in 1994 by ICICI Limited, an
Indian financial institution, and was its wholly-owned subsidiary.
ICICI's shareholding in ICICI Bank was reduced to 46% through a
public offering of shares in India in fiscal 1998, an equity
offering in the form of ADRs listed on the NYSE in fiscal 2000,
ICICI Bank's acquisition of Bank of Madura Limited in an all-stock
amalgamation in fiscal 2001, and secondary market sales by ICICI to
institutional investors in fiscal 2001 and fiscal 2002. ICICI was
formed in 1955 at the initiative of the World Bank, the Government
of India and representatives of Indian industry. The principal
objective was to create a development financial institution for
providing medium-term and long-term project financing to Indian
businesses. In the 1990s, ICICI transformed its business from a
development financial institution offering only project finance to a
diversified financial services group offering a wide variety of
products and services, both directly and through a number of
subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become
the first Indian company and the first bank or financial institution
from non-Japan Asia to be listed on the NYSE.
After consideration of various corporate structuring alternatives in
the context of the emerging competitive scenario in the Indian
banking industry, and the move towards universal banking, the
managements of ICICI and ICICI Bank formed the view that the merger
of ICICI with ICICI Bank would be the optimal strategic alternative
for both entities, and would create the optimal legal structure for
the ICICI group's universal banking strategy. The merger would
enhance value for ICICI shareholders through the merged entity's
access to low-cost deposits, greater opportunities for earning
fee-based income and the ability to participate in the payments
system and provide transaction-banking services. The merger would
enhance value for ICICI Bank shareholders through a large capital
base and scale of operations, seamless access to ICICI's strong
corporate relationships built up over five decades, entry into new
business segments, higher market share in various business segments,
particularly fee-based services, and access to the vast talent pool
of ICICI and its subsidiaries. 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 shareholders of ICICI and
ICICI Bank in January 2002, by the High Court of Gujarat at
Ahmedabad in March 2002, and by the High Court of Judicature at
Mumbai and the Reserve Bank of India in April 2002. Consequent to
the merger, the ICICI group's financing and banking operations, both
wholesale and retail, have been integrated in a single entity. |
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