ICICI Bank is India's
second-largest bank with total assets of Rs. 3,744.10 billion (US$ 77
billion) at December 31, 2008 and profit after tax Rs. 30.14 billion
for the nine months ended December 31, 2008. The Bank has a network of
1,438 branches and about 4,644 ATMs in India and presence in 18
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
United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and
Dubai International Finance Centre and representative offices in United
Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and
Indonesia. Our UK subsidiary has established branches in Belgium and
Germany.
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).
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.
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