ICICI Bank

The Industrial Credit and Investment Corporation of India (ICICI) was a government institution established on 5 January 1955 and Sir Arcot Ramasamy Mudaliar was elected as the first Chairman of ICICI Ltd. It was structured as a joint-venture of the World Bank, India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry.{{cite web|title=NOS on ICICI|url=http://www.nos.org/srsec319/319-20.pdf|publisher=NOS org|access-date=5 August 2011|archive-url=https://web.archive.org/web/20120322123605/http://www.nos.org/srsec319/319-20.pdf|archive-date=22 March 2012|url-status=dead}}{{cite web|title=about ICICI|url=http://www.lloydstsb.com/current_accounts/india_banking_service_faqs.asp|publisher=lloydstsb|access-date=5 August 2011|archive-url=https://web.archive.org/web/20121223023101/http://www.lloydstsb.com/current_accounts/india_banking_service_faqs.asp|archive-date=23 December 2012|url-status=dead}} ICICI Bank was established by ICICI, as a wholly owned subsidiary in 1994 in Vadodara. The bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to ICICI Bank. 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.{{cite news | url=https://timesofindia.indiatimes.com/business/india-business/icici-bank-icici-ratify-merger-swap-ratio-at-12/articleshow/1283826715.cms | title=ICICI Bank, ICICI ratify merger, swap ratio at 1:2 | newspaper=The Times of India | date=26 October 2001 | archive-date=21 March 2023 | access-date=21 March 2023 | archive-url=https://web.archive.org/web/20230321194400/https://timesofindia.indiatimes.com/business/india-business/icici-bank-icici-ratify-merger-swap-ratio-at-12/articleshow/1283826715.cms | url-status=live }} The merger of parent ICICI Ltd. into its subsidiary ICICI Bank led to privatization.

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. ICICI Bank launched Internet Banking operations in 1998.{{cite web |date=Spring 2007 |title=The CEO as CIO: An interview with K. V. Kamath of ICICI |url=https://www.yumpu.com/en/document/view/13773971/the-ceo-as-cio-an-interview-with-kv-mckinsey-company |url-status=live |archive-url=https://web.archive.org/web/20110927094058/http://www.mckinsey.com/clientservice/bto/pointofview/pdf/MoIT11_ICICInterview_F.pdf |archive-date=27 September 2011 |access-date=29 July 2011 |website=McKinsey & Company}}

ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in 1998, followed by an equity offering in the form of American depositary receipts on the NYSE in 2000.{{cite web | title=ICICI Bank History | url=https://economictimes.indiatimes.com/icici-bank-ltd/infocompanyhistory/companyid-9194.cms | publisher=Times Internet | access-date=14 October 2021 | archive-date=24 October 2021 | archive-url=https://web.archive.org/web/20211024173615/https://economictimes.indiatimes.com/icici-bank-ltd/infocompanyhistory/companyid-9194.cms | url-status=live }} ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001 and sold additional stakes to institutional investors during 2001–02.{{cite news |title=Bank of Madura, ICICI Bank merger – a synergy for better service |url=https://www.thehindu.com/todays-paper/tp-miscellaneous/tp-others/bank-of-madura-icici-bank-merger-a-synergy-for-better-service/article28063055.ece |work=The Hindu |date=December 28, 2000 |url-access=subscription |archive-date=25 November 2020 |access-date=14 October 2021 |archive-url=https://web.archive.org/web/20201125030615/https://www.thehindu.com/todays-paper/tp-miscellaneous/tp-others/bank-of-madura-icici-bank-merger-a-synergy-for-better-service/article28063055.ece |url-status=live }} In 1999, ICICI become the first Indian company and the first bank or a financial institution from non-Japan Asia to be listed on the NYSE.{{cite web|title=ICICI Bank _NYSE|url=http://www.mondovisione.com/media-and-resources/news/icici-bank-joins-icic-as-indian-companies-listed-on-the-nyse/|publisher=Mondovisione|access-date=4 August 2011|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125030542/https://mondovisione.com/members-area/login/?RedirectTo=%2Fmedia-and-resources%2Fnews%2Ficici-bank-joins-icic-as-indian-companies-listed-on-the-nyse%2F|url-status=live}}

ICICI, ICICI Bank, and ICICI subsidiaries ICICI Personal Financial Services Limited and ICICI Capital Services Limited merged in a reverse merger in 2002.{{Cite news |title=RBI Clears ICICI-ICICI Bank Merger With Conditions |url=https://www.financialexpress.com/archive/rbi-clears-icici-icici-bank-merger-with-conditions/44548/ |newspaper=Financial Express |location=Mumbai |date=2002-04-27 |access-date=2020-10-24 |archive-date=25 November 2020 |archive-url=https://web.archive.org/web/20201125030455/https://www.financialexpress.com/archive/rbi-clears-icici-icici-bank-merger-with-conditions/44548/ |url-status=live }} During the 2008 financial crisis, customers rushed to ICICI ATMs and branches in some locations due to rumors of bank failure. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumours.{{cite news |title=ICICI Financial Rumours |url=https://indianexpress.com/article/news-archive/rbi-scotches-icici-bank-rumours-govt-says-dont-panic-we-are-watching/ |work=Indian Express | date=October 1, 2008 }}

In 2015, ICICI unveiled an outward remittance platform called Money2World for online outward remittance transactions for non-ICICI and ICICI customers.{{Cite web |date=October 12, 2015 |title=ICICI Bank {{!}} ICICI Bank launches 'Money2World', India's first fully online service for outward remittances |url=https://www.icicibank.com/about-us/article/news-icici-bank-launches-money2world-indias-first-fully-online-service-for-outward-20151210151052470 |access-date=2024-04-15 |website=www.icicibank.com |language=en-IN}}{{cite web | url=https://www.retailbankerinternational.com/news/icici-bank-launches-outward-remittance-service-for-non-account-holders-131015-4691974/ | title=ICICI Bank launches outward remittance service for non-account holders | date=13 October 2015 | access-date=16 August 2023 | archive-date=16 August 2023 | archive-url=https://web.archive.org/web/20230816144534/https://www.retailbankerinternational.com/news/icici-bank-launches-outward-remittance-service-for-non-account-holders-131015-4691974/ | url-status=live }}

In March 2020, the board of ICICI Bank Ltd. approved an investment of {{INRConvert|10|b|lk=r}} in Yes Bank, resulting in a 5% ownership interest in Yes.

File:ICICI Bank Towers Hyd.jpg.]]

• 1996: ICICI Ltd. A financial institution with headquarters in Mumbai{{cite news|title=ICICI Bank History|url=https://economictimes.indiatimes.com/icici-bank-ltd/infocompanyhistory/companyid-9194.cms|publisher=Times Internet|archive-date=24 October 2021|access-date=14 October 2021|archive-url=https://web.archive.org/web/20211024173615/https://economictimes.indiatimes.com/icici-bank-ltd/infocompanyhistory/companyid-9194.cms|url-status=live}}
• 1997: ITC Classic Finance. Incorporated in 1986, ITC Classic was a non-bank financial firm that engaged in hire, purchase and leasing operations. At the time of being acquired, ITC Classic had eight offices, 26 outlets and 700 brokers.{{cite news|title=Itc Classic To Merge Into Icici|url=http://www.business-standard.com/article/specials/itc-classic-to-merge-into-icici-197112701090_1.html|access-date=22 May 2015|date=27 November 1997|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125030525/https://www.business-standard.com/article/specials/itc-classic-to-merge-into-icici-197112701090_1.html|url-status=live}}
• 1997: SCICI (Shipping Credit and Investment Corporation of India){{cite news|title=Icici-Scici Merger Sets Trend For Consolidation|url=https://www.business-standard.com/article/specials/icici-scici-merger-sets-trend-for-consolidation-197122601056_1.html|access-date=2 March 2019|date=26 December 1997|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125030529/https://www.business-standard.com/article/specials/icici-scici-merger-sets-trend-for-consolidation-197122601056_1.html|url-status=live}}
• 1998: Anagram (ENAGRAM) Finance. Anagram had a network of some 50 branches in Gujarat, Rajasthan, and Maharashtra that were primarily engaged in the retail financing of cars and trucks. It also had some 250,000 depositors.{{cite news|title=ICICI swallows Anagram Finance|url=http://www.rediff.com/business/1998/may/21icici.htm|access-date=22 May 2015|date=21 May 1998|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125030535/https://www.rediff.com/business/1998/may/21icici.htm|url-status=live}}
• 2001: Bank of Madura{{cite news|title=Bank of Madura, ICICI Bank merger – a synergy for better service | url=http://www.thehindu.com/thehindu/2000/12/28/stories/0628000c.htm|work=The Hindu |access-date=22 May 2015}}{{dead link|date=April 2021|bot=medic}}{{cbignore|bot=medic}}
• 2002: The Darjeeling and Shimla branches of Grindlays Bank{{cite news|title=Icici Bank To Pick Grindlays Shimla, Darjeeling Branches|url=http://www.business-standard.com/article/companies/icici-bank-to-pick-grindlays-shimla-darjeeling-branches-102062901012_1.html|access-date=22 May 2015|date=29 June 2002|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125030608/https://www.business-standard.com/article/companies/icici-bank-to-pick-grindlays-shimla-darjeeling-branches-102062901012_1.html|url-status=live}}
• 2005: Investitsionno-Kreditny Bank (IKB), a Russian bank{{cite news|title=ICICI Bk acquires Investitsionno-Kreditny|url=http://www.moneycontrol.com/news/business/icici-bk-acquires-investitsionno-kreditny_167951.html|access-date=22 May 2015|date=19 May 2005|archive-date=5 March 2016|archive-url=https://web.archive.org/web/20160305011010/http://www.moneycontrol.com/news/business/icici-bk-acquires-investitsionno-kreditny_167951.html|url-status=live}}
• 2007: Sangli Bank. Sangli Bank was a private sector unlisted bank, founded in 1916, and 30% owned by the Bahte family. Its headquarters were in Sangli in Maharashtra, and it had 198 branches. It had 158 in Maharashtra and 31 in Karnataka, and others in Gujarat, Andhra Pradesh, Tamil Nadu, Goa, and Delhi. Its branches were relatively evenly split between metropolitan areas and rural or semi-urban areas.{{cite news|title=ICICI Bank, Sangli Bank agree on merger|url=http://www.thehindu.com/todays-paper/tp-business/icici-bank-sangli-bank-agree-on-merger/article3031837.ece|access-date=22 May 2015|date=10 December 2006|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125030535/https://www.thehindu.com/todays-paper/tp-business/icici-bank-sangli-bank-agree-on-merger/article3031837.ece|url-status=live}}
• 2010: The Bank of Rajasthan (BOR) was acquired by the ICICI Bank in 2010 for {{INRConvert|30|b|lk=r}}. Reserve Bank of India was critical of BOR's promoters not reducing their holdings in the company. BOR has since been merged with ICICI Bank.

ICICI Bank has contributed to the setting up of a number of Indian institutions to establish financial infrastructure in the country over the years:

• In 1992, India's leading financial institutions, including ICICI Ltd., promoted the National Stock Exchange of India on behalf of the Government of India to establish a nationwide trading facility for equities, debt instruments, and hybrids, ensuring equal access to investors across the country through an appropriate communication network.{{cite web|url=http://www.nseindia.com/|title=NSE – National Stock Exchange of India Ltd.|website=www.nseindia.com|access-date=20 July 2011|archive-date=14 January 2016|archive-url=https://web.archive.org/web/20160114175222/http://nseindia.com/|url-status=live}}
• In 1987, ICICI Ltd along with UTI set up CRISIL as India's first professional credit rating agency.{{cite web |url=http://www.crisil.com/index.jsp |title=A global analytical company providing Ratings, Research, and Risk and Policy Advisory services |publisher=CRISIL |date=30 June 2011 |access-date=30 July 2011 |archive-url=https://web.archive.org/web/20110728075706/http://www.crisil.com/index.jsp |archive-date=28 July 2011 |url-status=dead }}
• NCDEX (National Commodities and Derivatives EXchange) was set up in 2003, by ICICI Bank Ltd, LIC, NABARD, NSE, Canara Bank, CRISIL, Goldman Sachs, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Punjab National Bank.{{cite web |url=http://www.ncdex.com/ |title=Commodity Market|Commodity Price|Futures|Trading|Bullion|Indian Commodity Exchange|Agri Commodity Price|Commodities |publisher=NCDEX |access-date=30 July 2011 |archive-date=26 July 2011 |archive-url=https://web.archive.org/web/20110726143224/http://www.ncdex.com/ |url-status=live }}
• ICICI Bank facilitated the setting up of "FINO Cross Link to Case Link Study" in 2006, as a company that would provide technology solutions and services to reach the underserved and underbanked population of the country. Using technologies like smart cards, biometrics and a basket of support services, FINO enables financial institutions to conceptualise, develop and operationalise projects to support sector initiatives in microfinance and livelihoods.{{cite web|url=http://fino.co.in/ |title=FINO |publisher=FINO |access-date=30 July 2011}}
• Entrepreneurship Development Institute of India (EDII), was set up in 1983, by the erstwhile apex financial institutions like IDBI, ICICI, IFCI and SBI with the support of the Government of Gujarat as a national resource organisation committed to entrepreneurship development, education, training and research.{{cite web|title=EDII|url=http://www.ediindia.org/|publisher=EDII|access-date=4 August 2011|archive-date=27 August 2019|archive-url=https://web.archive.org/web/20190827053518/https://www.ediindia.org/|url-status=live}}
• North Eastern Development Finance Corporation Ltd. (NEDFi){{Cite web |title=About NEDFi |url=http://www.nedfi.com/about_nedfi.htm |archive-url=https://web.archive.org/web/20110807065654/http://www.nedfi.com/about_nedfi.htm |archive-date=2011-08-07 |access-date=2025-05-27 |website=www.nedfi.com}} was promoted by national-level financial institutions like ICICI Ltd in 1995 at Guwahati, Assam for the development of industries, infrastructure, animal husbandry, agri-horticulture plantation, medicinal plants, sericulture, aquaculture, poultry and dairy in the North Eastern states of India.{{cite web |url=http://www.nedfi.com/ |title=North Eastern Development Finance Corporation Ltd |publisher=Nedfi.com |access-date=30 July 2011 |archive-date=7 August 2011 |archive-url=https://web.archive.org/web/20110807065601/http://www.nedfi.com/ |url-status=live }}
• Following the enactment of the Securitisation Act in 2002, ICICI Bank, together with other institutions, set up Asset Reconstruction Company India Limited (ARCIL) in 2003. ARCIL was established to acquire non-performing assets (NPAs) from financial institutions and banks with a view to enhance the management of these assets and help in the maximisation of recovery.{{cite web |url=http://203.115.117.202/Arcil1/index.html |title=home |publisher=203.115.117.202 |date=10 June 2010 |access-date=30 July 2011 |archive-url=https://web.archive.org/web/20120120095628/http://203.115.117.202/Arcil1/index.html |archive-date=20 January 2012 |url-status=dead }}{{cite web |url=http://203.115.117.202/Arcil1/knowledge_centre/ARC_business/historical_background.html |title=international_scenario |publisher=203.115.117.202 |date=2 December 2009 |access-date=30 July 2011 |archive-url=https://web.archive.org/web/20120120100117/http://203.115.117.202/Arcil1/knowledge_centre/ARC_business/historical_background.html |archive-date=20 January 2012 |url-status=dead }}
• ICICI Bank helped establish India's first national credit bureau, Credit Information Bureau of India Limited (CIBIL), in 2000. CIBIL provides credit information reports to its members, containing the credit history of both commercial and consumer borrowers.{{cite web |url=http://www.cibil.com/ |title=Welcome to CIBIL |publisher=Cibil.com |access-date=30 July 2011 |archive-date=27 July 2011 |archive-url=https://web.archive.org/web/20110727071944/http://www.cibil.com/ |url-status=live }}

ICICI Bank offers products and services such as savings and current accounts,{{cite news |title= ICICI Bank launch overdraft facility for salary account customers. Here's how to use it |url= https://economictimes.indiatimes.com/wealth/save/icici-bank-launches-overdraft-facility-for-salary-account-customers-heres-how-to-use-it/articleshow/76381675.cms |work= The Economic Times |archive-date= 20 June 2020 |access-date= 30 June 2020 |archive-url= https://web.archive.org/web/20200620170711/https://economictimes.indiatimes.com/wealth/save/icici-bank-launches-overdraft-facility-for-salary-account-customers-heres-how-to-use-it/articleshow/76381675.cms |url-status= live }} trade and forex services, fixed and recurring deposits, business loans, home loans, personal loans, auto loans, and gold loans, NRI Banking services, remittances, card services, lockers, agri and rural services.{{cite web |title=Products |url=https://www.icicibank.com/Personal-Banking/products.page? |website=ICICI Bank |access-date=12 September 2018}} The digital platforms that ICICI Bank offers include iMobile Pay,{{cite news |title=ICICI Bank launches 'iMobile Pay': Country's first app that provides payments and banking services for all |url=https://www.moneycontrol.com/news/business/icici-bank-launches-imobile-pay-countrys-first-app-that-provides-payments-and-banking-services-for-all-6198131.html |publisher=Moneycontrol |date=December 7, 2020}} InstaBiz,{{cite news |last1=Soni |first1=Sandeep |title=ICICI Bank upgrades its InstaBIZ app with comprehensive banking, value-added services for MSMEs |url=https://www.financialexpress.com/business/sme-msme-tech-icici-icici-bank-upgrades-instabiz-app-with-comprehensive-banking-value-added-services-for-msmes-2506669/ |publisher=The Financial Express |date=April 28, 2022}} Digital Rupee App,{{cite news |last1=Dubey |first1=Navneet |title=ICICI Bank users can now pay merchant QR code using digital rupee app |url=https://www.businesstoday.in/personal-finance/news/story/icici-bank-users-can-now-pay-merchant-qr-code-using-digital-rupee-app-heres-how-you-can-make-quick-payments-404288-2023-11-02 |publisher=Business Today |date=November 2, 2023}} Retail Internet Banking, Corporate Internet Banking, Money2India, Money2World,{{cite news |last1=Kishore Jaleel |first1=Tania |title=Best routes to send money abroad |url=https://www.livemint.com/Money/yLvNvnrkgyJU1CM3fwnKdM/Best-routes-to-send-money-abroad.html |publisher=Livemint |date=March 16, 2009 |archive-date=18 January 2024 |access-date=18 January 2024 |archive-url=https://web.archive.org/web/20240118141613/https://www.livemint.com/Money/yLvNvnrkgyJU1CM3fwnKdM/Best-routes-to-send-money-abroad.html |url-status=live }} a digital wallet named Pockets,{{cite news |last1=Ojha |first1=Sangeeta |title=Back Back ICICI Bank links UPI ID facility to its 'Pockets' digital wallet |url=https://www.livemint.com/money/personal-finance/icici-bank-links-upi-id-facility-to-its-pockets-digital-wallet-all-you-need-to-know-11622011765090.html |publisher=Livemint |date=May 26, 2021 |archive-date=29 May 2024 |access-date=20 January 2024 |archive-url=https://web.archive.org/web/20240529101248/https://www.livemint.com/money/personal-finance/icici-bank-links-upi-id-facility-to-its-pockets-digital-wallet-all-you-need-to-know-11622011765090.html |url-status=live }} and a digital banking suite called ICICI Stack.{{Cite web|url=https://cio.economictimes.indiatimes.com/news/enterprise-services-and-applications/icici-bank-launches-icicistack-a-comprehensive-digital-banking-platform/74674297|title=ICICI Bank launches 'ICICIStack', a comprehensive digital banking platform – ET CIO|website=ETCIO.com|access-date=15 July 2020|archive-date=7 August 2020|archive-url=https://web.archive.org/web/20200807220546/https://cio.economictimes.indiatimes.com/news/enterprise-services-and-applications/icici-bank-launches-icicistack-a-comprehensive-digital-banking-platform/74674297|url-status=live}}

{{main|ICICI Prudential Life Insurance}}

{{main|ICICI Lombard}}

{{main|ICICI Prudential Mutual Fund}}

{{main|ICICIdirect}}

{{Infobox company

| name = ICICI Bank Canada

| logo = ICICI Bank Logo.svg

| type = Subsidiary

| hq_location_city = Toronto, Ontario, Canada

| industry = Financial services

| founded = 2003

| key_people = Vikash Sharma (President and Chief Executive Officer)

| parent = ICICI Bank Limited

| website = [http://www.icicibank.ca/ www.icicibank.ca]

}}

ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank, whose corporate office is located in Toronto. Established in December 2003,{{cite web |title=All about ICICI Bank |url=https://www.icicibank.ca/abouticicibank/aboutus/default.page? |website=ICICI Bank Canada |access-date=16 October 2019 |archive-date=12 May 2019 |archive-url=https://web.archive.org/web/20190512180645/http://www.icicibank.ca/abouticicibank/aboutus/default.page? |url-status=live }} ICICI Bank Canada is a full-service direct bank with assets of about $6.5 billion as of 31 December 2019. It is governed by Canada's Bank Act and operates under the supervision of the Office of the Superintendent of Financial Institutions.{{cite web |title=Who We Regulate – Foreign Banks |url=http://www.osfi-bsif.gc.ca/Eng/wt-ow/Pages/wwr-er.aspx?sc=1&gc=1&ic=2#WWRLink112 |website=Office of the Superintendent of Financial Institutions Canada |date=30 October 2012 |access-date=16 October 2019 |archive-date=21 August 2019 |archive-url=https://web.archive.org/web/20190821071343/http://www.osfi-bsif.gc.ca/Eng/wt-ow/Pages/wwr-er.aspx?sc=1&gc=1&ic=2#WWRLink112 |url-status=live }} The bank has seven branches in Canada.

In 2003, ICICI Bank Canada was established as a Schedule II (foreign-owned or -controlled) bank. It was incorporated in November and opened its head office and downtown Toronto branch in December. In 2004 it launched an online banking platform. In 2005, it launched its financial advisor services channel. In 2008, the bank relocated its corporate office to the Don Valley Business Park in Toronto. In 2010, it launched a mortgage broker service. In 2014, the bank launched a mobile banking app.

ICICI Bank Canada is a member of the Canadian Bankers Association (CBA);{{cite web |title=Member Banks |url=https://cba.ca/member-banks |website=Canadian Bankers Association |access-date=16 October 2019 |archive-date=26 June 2019 |archive-url=https://web.archive.org/web/20190626200039/https://cba.ca/member-banks |url-status=live }} a registered member with the Canada Deposit Insurance Corporation (CDIC),{{cite web |title=List of Members |url=https://www.cdic.ca/your-coverage/list-of-member-institutions/ |website=Canada Deposit Insurance Corporation |access-date=16 October 2019 |archive-date=16 October 2019 |archive-url=https://web.archive.org/web/20191016051305/https://www.cdic.ca/your-coverage/list-of-member-institutions/ |url-status=live }} a federal agency insuring deposits at all of Canada's chartered banks; Interac Association;{{cite web |title=Network Participation |url=https://www.interac.ca/en/about/network-participation.html |website=Interac Corporation |access-date=16 October 2019 |archive-date=16 October 2019 |archive-url=https://web.archive.org/web/20191016051304/https://www.interac.ca/en/about/network-participation.html |url-status=dead }} Cirrus Network; and The Exchange Network.{{cite web |title=Participating Financial Institutions |url=https://www.theexchangenetwork.ca/Participating-Financial-Institutions.aspx |website=THE EXCHANGE ATM Network |access-date=16 October 2019 |archive-date=1 May 2019 |archive-url=https://web.archive.org/web/20190501232556/https://www.theexchangenetwork.ca/Participating-Financial-Institutions.aspx |url-status=live }}

{{Infobox company

| name = ICICI Bank UK PLC

| logo = ICICI Bank Logo.svg

| image = ICICI Bank Branch in Knightsbridge, London.JPG

| image_size = 250px

| image_caption = An ICICI Bank branch in London, United Kingdom

| type = Subsidiary

| industry = Financial services

| founded = 2003

| key_people =

| parent = ICICI Bank Limited

| website = [http://www.icicibank.co.uk www.icicibank.co.uk]

}}

ICICI Bank UK PLC was incorporated in England and Wales on 11 February 2003, as a private company with the name ICICI Bank UK Ltd. It then became a public limited company on 30 October 2006.{{cite web|title=About ICICI Bank UK PLC|url=https://www.icicibank.co.uk/personal/about-us.page?|website=ICICI Bank UK PLC|access-date=16 April 2020|archive-date=11 May 2020|archive-url=https://web.archive.org/web/20200511063748/https://www.icicibank.co.uk/personal/about-us.page|url-status=live}} Presently the Bank has seven branches{{cite web |title=ICICI Bank UK PLC Branches |url=https://www.icicibank.co.uk/branchFinder.page? |website=ICICI Bank UK PLC |access-date=16 April 2020 |archive-date=11 May 2020 |archive-url=https://web.archive.org/web/20200511073804/https://www.icicibank.co.uk/branchFinder.page |url-status=live }} in the UK: one each in Birmingham, East Ham, Harrow, London, Manchester, Southall and Wembley.

The bank currently has seven branches in the UK. ICICI Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. It is covered by the Financial Services Compensation Scheme (FSCS). The bank has a long-term foreign currency credit rating of Baa1 from Moody's. On 31 March 2019, it had a capital adequacy ratio of 16.8%.

ICICI Bank UK PLC offers products and services such as a current account, savings account, remittance to India, safe deposit box, NRI Services, business banking, foreign exchange services, commercial real estate and corporate banking.{{cite web |title=ICICI Bank UK PLC Products & Services |url=https://www.icicibank.co.uk/ |website=ICICI Bank UK PLC |access-date=16 April 2020 |archive-date=24 May 2019 |archive-url=https://web.archive.org/web/20190524174724/https://www.icicibank.co.uk/ |url-status=live }} In 2019, ICICI Bank UK PLC launched an instant account opening facility through its iMobile app.{{Cite web|url=https://www.financialexpress.com/money/migrating-to-uk-you-may-now-get-a-functional-bank-account-even-without-reaching-there/1723658/|title=ICICI Bank UK PLC Launches Instant Account Opening On iMobile App – Financial Express ►|website=Financial Express|date=2 October 2019|access-date=16 April 2020|archive-date=16 May 2020|archive-url=https://web.archive.org/web/20200516111953/https://www.financialexpress.com/money/migrating-to-uk-you-may-now-get-a-functional-bank-account-even-without-reaching-there/1723658/|url-status=live}}{{Cite web|url=http://www.businessworld.in/article/ICICI-Bank-UK-PLC-Launches-Instant-Account-Opening-Facility-On-Mobile/03-10-2019-177095/|title=ICICI Bank UK PLC Launches Instant Account Opening On iMobile App – Business World ►|website=Business World|access-date=16 April 2020|archive-date=20 April 2020|archive-url=https://web.archive.org/web/20200420185520/http://www.businessworld.in/article/ICICI-Bank-UK-PLC-Launches-Instant-Account-Opening-Facility-On-Mobile/03-10-2019-177095/|url-status=live}}

ICICI Bank has operations in Bahrain, Germany, Europe, Hong Kong, and China in addition to the countries mentioned above.

A few years after its rise to prominence in the banking sector, ICICI Bank faced allegations on the recovery methods it used against loan payment defaulters. A number of cases were filed against the bank and its employees for using "brutal measures" to recover the money. Most of the allegations were that the bank was using goons to recover the credit card payments and that these "recovery agents" exhibited inappropriately and in some cases, inhuman behaviour. Incidents were reported wherein the defaulters were put to "public shame" by the recovery agents

The bank also faced allegations of inappropriate behaviour in recovering its loans. These allegations started initially when the "recovery agents" and bank employees started threatening the defaulters. In some cases, notes were written by the bank's employees asking the defaulters to "sell everything in the house, including family members", were found. Such charges faced by the bank rose to a peak when suicide cases were reported, wherein the suicide notes spoke of the bank's recovery methods as the cause of the suicide. This led to legal battles and the bank paying huge compensation.{{cite news|last=PTI|title=RBI warns ICICI Bank on recovery agents|url=https://timesofindia.indiatimes.com/business/india-business/RBI-warns-ICICI-Bank-on-recovery-agents/articleshow/2557166.cms|archive-url=https://web.archive.org/web/20130714194151/http://articles.timesofindia.indiatimes.com/2007-11-21/india-business/27978291_1_recovery-agents-icici-bank-private-banks|url-status=live|archive-date=14 July 2013|access-date=16 March 2013|newspaper=The Times of India|date=21 November 2007}}{{cite news|last=Sarang|first=Bindisha|title=How to deal with rising abuse of bank recovery agents|url=http://www.firstpost.com/investing/how-to-deal-with-rising-abuse-of-bank-recovery-agents-487476.html|access-date=16 March 2013|newspaper=first post|date=7 January 2013|archive-date=18 March 2013|archive-url=https://web.archive.org/web/20130318002708/http://www.firstpost.com/investing/how-to-deal-with-rising-abuse-of-bank-recovery-agents-487476.html|url-status=live}}

ICICI Bank was one of the leading Indian banks accused of blatant money laundering through violation of RBI guidelines in the famous CobraPost{{Cite web|url=https://www.moneycontrol.com/news/business/economy/-1706217.html|title=RBI Probes Cobrapost Report, Reveals Violations By Banks|website=www.moneycontrol.com|date=13 May 2013|access-date=7 December 2020|archive-date=29 June 2020|archive-url=https://web.archive.org/web/20200629182930/https://www.moneycontrol.com/news/business/economy/-1706217.html|url-status=live}} sting operation which shook up Indian banking industry during April–May 2013.{{cite news|url=http://articles.timesofindia.indiatimes.com/2013-05-10/india/39168568_1_cobrapost-axis-bank-icici-bank|archive-url=https://web.archive.org/web/20130607041632/http://articles.timesofindia.indiatimes.com/2013-05-10/india/39168568_1_cobrapost-axis-bank-icici-bank|url-status=dead|archive-date=2013-06-07|work=The Times of India|title = Cobra Post Exposure of Indian Banks }}

On 14 March 2013 the online magazine Cobrapost released video footage from Operation Red Spider showing high-ranking officials and some employees of ICICI Bank agreeing to convert black money into white, an act in violation of Prevention of Money Laundering Act, 2002. The Government of India and Reserve Bank of India ordered an inquiry following the exposé. On 15 March 2013, ICICI Bank suspended 18 employees, pending inquiry.{{cite news|title=Money laundering case: ICICI bank suspends 18 employees|url=http://zeenews.india.com/business/news/economy/money-laundering-case-icici-bank-suspends-18-employees_72295.html|access-date=16 March 2013|newspaper=zee news|date=15 March 2013|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125030628/https://zeenews.india.com/business/news/economy/money-laundering-case-icici-bank-suspends-18-employees_72295.html|url-status=live}}{{cite web|title=Probes Begin as Top Indian Banks Are Embroiled in Sting Operation|url=http://knowledgetoday.wharton.upenn.edu/2013/03/probes-begin-as-top-indian-banks-are-embroiled-in-sting-operation/|work=Wharton School of the University of Pennsylvania|access-date=16 March 2013}}{{cite news|last=Ronamai|first=Raymond|title=India's Private Banks Under Scanner: Is RBI to be Blamed for Money Laundering?|url=http://www.ibtimes.co.in/articles/446610/20130315/money-laundering-rbi-icici-bank-hdfc-axis.htm|access-date=16 March 2013|newspaper=International Business Times|date=15 March 2013|archive-date=18 March 2013|archive-url=https://web.archive.org/web/20130318024856/http://www.ibtimes.co.in/articles/446610/20130315/money-laundering-rbi-icici-bank-hdfc-axis.htm|url-status=live}} On 11 April 2013 the Deputy Governor of RBI, Harun Rashid Khan reportedly said that the central bank was initiating action against ICICI Bank in connection with allegations of money laundering.{{cite news|last=PTI|title=Cobrapost expose: IRDA report likely next week|url=http://www.thehindu.com/business/Industry/cobrapost-expose-irda-report-likely-next-week/article4610508.ece|access-date=18 April 2013|newspaper=The Hindu|date=12 April 2013|location=Chennai, India|archive-date=15 April 2013|archive-url=https://web.archive.org/web/20130415080735/http://www.thehindu.com/business/Industry/cobrapost-expose-irda-report-likely-next-week/article4610508.ece|url-status=live}}{{cite news|last=pti|title=Cobrapost expose: RBI initiating action against banks over money laundering allegations|url=http://www.dnaindia.com/money/1821269/report-cobrapost-expose-rbi-initiating-action-against-banks-over-money-laundering-allegations|access-date=18 April 2013|newspaper=DNA|date=11 April 2013}}

On 4 October 2018, the then MD & CEO Chanda Kochhar stepped down from her position following allegations of corruption.{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/chanda-kochhar-quits-icici-bank-sandeep-bakhshi-appointed-as-md-and-ceo/articleshow/66068380.cms|title=Chanda Kochhar quits ICICI Bank; Sandeep Bakhshi appointed new CEO – Times of India ►|website=The Times of India|date=4 October 2018|access-date=9 September 2019|archive-date=5 October 2018|archive-url=https://web.archive.org/web/20181005150420/https://timesofindia.indiatimes.com/business/india-business/chanda-kochhar-quits-icici-bank-sandeep-bakhshi-appointed-as-md-and-ceo/articleshow/66068380.cms|url-status=live}} In January 2019, based on the report of an enquiry panel headed by Justice Srikrishna, the bank board officially terminated her from service. It also become one of the first in the country to ask for a claw back of bonuses and benefits.{{Cite web|url=https://www.icicibank.com/managed-assets/docs/about-us/2019/icici-bank-statement-on-findings-in-enquiry-report.pdf|title=Justice Srikrishna Report|access-date=2 February 2019|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125030542/https://www.icicibank.com/managed-assets/docs/about-us/2019/icici-bank-statement-on-findings-in-enquiry-report.pdf|url-status=dead}} In 2020 the Enforcement Directorate provisionally seized assets and shares belonging to Chanda Kochhar with an estimated value of more than {{INRConvert|780|m}}, in relation to the ICICI bank loan case.{{Cite web|url=https://www.businesstoday.in/current/economy-politics/enforcement-directorate-attaches-apartment-worth-rs-78-crore-shares-belonging-to-chanda-kochhar/story/393558.html|title=ED attaches assets worth Rs 78 crore, shares belonging to Chanda Kochhar|date=10 January 2020|website=Business Today India|access-date=28 April 2020|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125030553/https://www.businesstoday.in/current/economy-politics/enforcement-directorate-attaches-apartment-worth-rs-78-crore-shares-belonging-to-chanda-kochhar/story/393558.html|url-status=live}}

{{Portal|Banks}}

• Banking in India
• List of banks in India
• Reserve Bank of India
• ICICI Lombard General Insurance
• ICICI Prudential Life Insurance
• ICICI Prudential Mutual Fund

{{Reflist|30em}}

• {{Cite book |last1=Praveen |first1=Suthrum |url=https://books.google.com/books?id=dnm6cQAACAAJ |title=ICICI Bank (B) Going Global – Going Rural! |last2=Krishnan |first2=M.S. |publisher=William Davidson Institute At The University of Michigan |year=2010 |isbn=9781616741877 |publication-date=2010}}
• {{Cite journal |last1=Chandani |first1=Arti |last2=Mehta |first2=Mita |last3=Chandrasekaran |first3=K.B. |date=14 July 2014 |title=A Working Paper on the Impact of Gender of Leader on the Financial Performance of the Bank: A Case of ICICI Bank |journal=Procedia Economics and Finance |volume=11 |pages=459–471 |doi=10.1016/S2212-5671(14)00212-3 |issn=2212-5671|doi-access=free }}
• {{Cite journal |last1=Parameswar |first1=Nakul |last2=Dhir |first2=Swati |last3=Dhir |first3=Sanjay |date=16 December 2016 |title=Banking on Innovation, Innovation in Banking at ICICI Bank |journal=Global Business and Organizational Excellence |volume=36 |issue=2 |pages=6–16 |doi=10.1002/joe.21765 |issn=1932-2062 |eissn=1932-2054 }}

{{Commons category|ICICI Bank}}

• {{Official website}}

{{Finance links

| name = ICICI Bank

| symbol = IBN

| sec_cik = 1103838

| hoovers = PMC-Sierra_Inc.8dc88e3c821b1f71

}}

{{ICICI Group}}

{{Navboxes

|list1=

{{Banking in India|state=collapsed}}

{{Canadian banks}}

{{Financial services in India|state=collapsed}}

{{Nifty 200 companies}}

{{BSE Sensex}}

{{S&P CNX Nifty companies}}

}}

{{Authority control}}

{{DEFAULTSORT:ICICI Bank}}

Category:Companies listed on the New York Stock Exchange

Category:Private sector banks in India

Category:BSE SENSEX

Category:NIFTY 50

Category:Companies formerly listed on the London Stock Exchange

Category:Financial services companies based in Mumbai

Category:Banks established in 1994

Category:Indian brands

Category:Indian companies established in 1994

Category:1994 establishments in Gujarat

Category:Companies listed on the National Stock Exchange of India

Category:Companies listed on the Bombay Stock Exchange

Category:Formerly government-owned companies of India