Last Updated on October 26, 2023 by BFSLTeam BFSLTeam
Beginning its journey as a venture to enhance India’s industrial growth through financial intermediation, today, ICICI Bank stands tall as one of the key players in the Indian banking domain. With a market cap of ₹6.80 trillion and a workforce of 129,000 dedicated individuals, ICICI Bank’s evolution is a compelling study of vision, determination, and innovation. This bank has revolutionised how many Indians use financial services, blending technology with trust.
Table of Content
About ICICI BANK
The Industrial Credit and Investment Corporation of India abbreviated as ICICI marked its beginning in the early 1950s. However, it was in 1994 when ICICI decided to diversify into banking, hence birthing ICICI Bank.
| Detail | Information |
| Founder | Industrial Credit and Investment Corporation of India (ICICI) |
| Industry Type | Banking and Financial Services |
| Founded | 1994 |
| Headquarters | Mumbai, Maharashtra, India |
| Key People | Sandeep Bakhshi |
| Parent Company | ICICI Group |
| Number of Employees | 129,000 (March 2023) |
| Market Cap | ₹6.80 trillion |
| Distribution Network | 5,900 Branches 13,626 ATMs 2,983 Cash Acceptance Machines and 1,102 Insta Banking Kiosks |
Overview of ICICI BANK
ICICI bank has been at the forefront of the digital banking revolution in India. Their platforms are user-friendly, catering to all tech levels. ICICI offers diverse financial products. Their services range from personal banking solutions to business financing. The bank excels in retail banking, with a vast loan portfolio. “Khayaal Aapka” or “We Care” summarises their customer-centric approach. ICICI’s CSR efforts, particularly in education and the environment, reflect its community commitment.
ICICI BANK Historical Timeline and Major Events
- 1994: ICICI Bank was founded, initiating its journey in the banking sector.
- 1996: ICICI’s bold step into the NYSE spoke volumes of its global ambitions.
- 2001: A significant merger with the Bank of Madura expanded its reach and customer base.
- 2007: The acquisition of Sangli Bank showcased ICICI’s strategic depth, enhancing its domestic presence.
- 2016: Reflecting innovation, ICICI launched India’s first contactless cards.
- 2019: Digital services, now an industry standard, were given a massive boost with ICICI’s revamped suite of offerings.
- 2022: ICICI merged with ICICI Bank and its subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, in a reverse merger process.
List of Major Subsidiaries of ICICI BANK
ICICI’s strength isn’t just in its primary entity but also in its powerful subsidiaries:
- ICICI Prudential Life Insurance Company Limited: This life insurance giant stands as one of the premier names in the sector. ICICI Prudential is not just about selling insurance policies; it is about understanding the diverse needs of the Indian demographic and creating products that safeguard futures. Offering term insurance, ULIPs, pension plans, and more, the company continually focuses on innovation, simplifying the often complex world of insurance for the everyday Indian.
Also Read: ICICI Prudential Life Insurance Q2 Results
- ICICI Securities Limited: ICICI Securities brings the power of informed investment to everyone. Operating primarily through its online platform, it serves both individual and institutional investors, offering them insights, products, and solutions. From demat services to research reports and stock trading, ICICI Securities makes the stock market more accessible and understandable.
- ICICI Lombard General Insurance Company Limited: One of the leading general insurance companies in India, ICICI Lombard goes beyond the usual, ensuring protection against a range of uncertainties. Whether it’s motor insurance, health policies, or travel covers, the company is committed to delivering comprehensive protection. It’s known for its prompt claim settlements, innovative offerings, and a digital-first approach.
Additional Read: ICICI Lombard Q2 2023 Results
- ICICI Home Finance Company: Realising the dream of owning a home is made simpler with ICICI Home Finance. They extend a variety of home loan options, each designed to cater to various income groups, ensuring that the dream of homeownership remains within everyone’s reach. Their emphasis on guidance ensures that every homebuyer is well-informed and comfortable with their financial commitment.
- ICICI Venture Funds Management Co. Ltd.: As one of the top private equity firms in India, ICICI Venture seeks to identify and invest in potential enterprises and sectors. By recognizing emerging market shifts, they have significantly contributed to the growth and expansion of numerous businesses.
Major Acquisitions by ICICI BANK
Acquisitions often play a transformative role in a company’s journey, providing it with new avenues for growth, and ICICI Bank’s story has been no different. Several strategic mergers and acquisitions over the years have bolstered its reach, services, and customer base.
- Bank of Madura (2001): This was a defining moment in ICICI’s growth story. The acquisition of Bank of Madura, a significant private sector bank in South India, allowed ICICI to expand its footprint in the region. The merger led to an addition of over 250 branches to ICICI’s network, strengthening its retail banking base and enhancing its offerings to the Bank of Madura’s existing clientele.
- Sangli Bank (2007): Another strategic move, the absorption of Sangli Bank, added not just a vast network of branches, especially in Maharashtra, but also brought in a rich legacy of banking operations that had been running since the early 20th century. This acquisition solidified ICICI’s position in Western India.
- The Darjeeling and Shimla branches of Grindlays Bank (2002): With an aim to boost its operations in regions with a significant NRI population, ICICI took over the operations of these two branches.
- ICICI Bank UK PLC and ICICI Bank Canada: In the early 2000s, as part of its international expansion strategy, ICICI established these wholly-owned subsidiaries in the UK and Canada. While not acquisitions in the traditional sense, these ventures were critical in marking ICICI’s footprint in international banking, catering to the vast Indian diaspora and allowing Indo-foreign trade and investment.
Through these acquisitions and more, ICICI Bank not only expanded its geographical reach but also enriched its banking practices integrated best practices from each entity and served a broader spectrum of customers with diverse needs.
Additional Read: ICICI Bank- Q2 Results
ICICI BANK Products
From everyday banking solutions to niche financial offerings, here’s a look at some of the key ICICI bank products:
- iMobile: In an age dominated by digital devices, ICICI’s iMobile application revolutionised the way we understand banking. This comprehensive mobile banking solution offers an array of features. Whether it’s transferring funds, paying bills, checking account balances, or even booking travel tickets, iMobile ensures that the entire banking world is at your fingertips. Its user-friendly interface, combined with cutting-edge security features, makes it a favourite among urban and semi-urban customers.
- Pockets: This digital wallet by ICICI Bank was among the pioneers in the digital payment revolution in India. Designed as a ‘Bank in an App’, Pockets allows users to send money, shop online, pay bills, and even get a physical shopping card. Its flexibility serves both ICICI and non-ICICI customers, making it a universal digital payment solution.
- Insta Save FD: Recognising the need for instant financial decisions, ICICI’s Insta Save Fixed Deposit allows customers to start a fixed deposit online in moments. Without the need for physical documentation or branch visits, it offers competitive interest rates, ensuring that your money grows without any hassle.
- Home Loans: ICICI Bank’s home loan services are not just about providing financial assistance but also about making the dream of owning a home come true for numerous Indians. With features like competitive interest rates, flexible loan tenures, and tailored EMI plans, the bank caters to a diverse audience, from first-time homebuyers to real estate investors.
- Credit Cards: Catering to a variety of needs, from travel and dining to shopping and fuel, ICICI Bank’s range of credit cards ensures there’s one for everyone. With rewards, cashbacks, and exclusive offers, they enhance the overall spending experience of the cardholders.
- NRI Banking: Acknowledging the vast Indian diaspora across the world, ICICI Bank’s NRI Banking solutions offer a range of products designed for Non-Resident Indians. From NRE and NRO savings accounts to home loans and insurance products, the bank ensures that even those miles away from home have a trusted financial partner in ICICI.
- ICICI Direct: A gateway to the world of stock trading, ICICI Direct offers a seamless platform for equities, mutual funds, derivatives, and other investment avenues. With research-based insights, a user-friendly interface, and robust security mechanisms, it stands as one of India’s leading online brokerage platforms.
- Mutual Funds: With ICICI Prudential Mutual Fund, the bank steps into the world of mutual funds, offering a wide variety of schemes designed for various investment goals, be it long-term wealth creation or short-term financial needs.
- FASTag: Following the Indian government’s push towards digital toll collections, ICICI’s FASTag allows automatic toll charge payments directly from the linked prepaid account. This RFID-based system eliminates the need for cash transactions and ensures a smooth passage through toll plazas.
Conclusion
ICICI Bank’s legacy, deeply intertwined with India’s modern financial evolution, is an awe-inspiring tale. The bank’s vision, combined with its adaptability and customer-centric approach, has played a key role in shaping the financial aspirations and dreams of millions. As ICICI looks towards the future, one can expect nothing less than continuous innovation, growth, and commitment to leading India into a new financial era. The story of ICICI Bank is still unfolding.
