History

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.
You might also want to read