In 1955 ICICI was formed as an initiative of the World Bank. In the 1990s, ICICI transformed its business from a financial institution limited to development projects to a diversified financial services group. Ever progressing with the times, ICICI addressed a need to upgrade its corporate structure to that of universal banking.
The merger of ICICI with ICICI bank seemed like a natural step in line with its newly adopted universal outlook. This would enhance value for ICICI shareholders with low-cost deposits, increased fee-based income, participation in the payment system and transaction banking services. It would also greatly benefit ICICI Bank shareholders through a large capital base and scale of operations, access to corporate relationships built over five decades, new business segments and more.
The Success Journey
- In 1994, ICICI Bank was promoted, by ICICI Limited, the Indian Financial Institution.
- In fiscal 1998, through a public offering of shares in India, ICICI’s shareholding in ICICI Bank was reduced to 46%.
- 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.
- 2000 saw an equity offering in the form of ADRs listed on the NYSE.
- In fiscal 2001, ICICI Bank acquired Bank of Madhura, in an all-stock amalgamation.
- In 2001 & 2002, ICICI propagated secondary market sales to institutional investors.
- 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.
- In 2002, the shareholders along with the High Court of Gujarat and the High Court of Judicature as well as the Reserve Bank of India, approved the merger.
- In December 1996, Boards of ICICI Bank and The Sangli Bank Limited at their respective meetings approved an all-stock amalgamation of Sangli Bank with ICICI Bank.
- In April 1997, RBI approved the scheme of amalgamation.
- In August 2010, the amalgamation of Bank of Rajasthan Ltd. with ICICI Bank Ltd. came into effect. The merger substantially enhanced the combined branch network to over 2500 across the country.
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