What is the full form of ICICI
ICICI: Credit and Investment Corporation of India
It was the parent company of ICICI Bank which was merged into ICICI Bank in 2002. After the merger, ICICI became ICICI Bank so it is now called ICICI Bank. It is headquartered in Mumbai, Maharashtra, India and is operating in 17 countries around the world.
As of 2014, it was the second largest bank in India in terms of assets. The bank offers a wide range of banking products and services to its corporate and retail customers.
Product and Services
Some of the popular products and services of ICICI bank are listed below:
- Cards such as credit card, debit card and business card
- Loans such as home loan, personal loan, car loan and two -wheeler loan
- Investments such as mutual fund, tax solutions and PPF
- Insurance such as general insurance, health insurance and life insurance
- Deposit schemes such as fixed deposit (FD) and recurring deposit (RD) schemes
- Business banking which includes wide range of current account products, internet banking and mobile banking
- Personal banking which offers saving account with various benefits like debit card, credit card and internet banking
- In 1955, Industrial Credit and Investment Corporation of India (ICICI) was founded.
- In 1994, ICICI entered the banking industry by establishing ICICI bank limited as its banking subsidiary.
- In 1998, ICICI bank became the first bank to launch internet banking in India.
- In 200, it became the first Indian bank listed on the New York Stock exchange.
- In 2001, ICICI acquired Bank of Madura which was established on 1943.
- In 2002, Directors of ICICI and ICICI Bank approved the reverse merger of ICICI (parent company) into ICICI Bank (subsidiary).
- In 2003, ICICI Bank opened its branches the Canada, the United Kingdom (UK) and in Singapore. It also established representative offices in Shanghai and Dubai.
- In 2004, it opened an office in Bangladesh to the extensive banking market in Bangladesh and South Africa.
- In 2005, ICICI Bank acquired Investitsionno-Kreditny Bank (IKB), a Russian Bank and renamed it ICICI Bank Eurasia. In this year, it also established a branch in Dubai and Hong Kong.
- In 2006, it established a branch in Antwerp, Belgium and representative offices in Bangkok, Jakarta and Kuala Lumpur.
- In 2007, it acquired the Sangli Bank which has 158 branches in Maharashtra and 31 branched in Karnataka.
- In 2008, with the permission of US Federal Reserve, it converted its New York office into a branch of ICICI bank. In this year, it also opened a branch in Frankfurt.
- In 2013, it became the first private sector bank to launch mobile branch with ATM in Maharashtra.