BUSINESS PROFILE :
ICICI Bank was promoted in 1994 by ICICI Ltd., an Indian development financial instituition. The two entities subsequently merged to become the largest comercial bank in the private sector.
A new generation bank, ICICI Bank started with all the latest technologies to hit the Indian banking industry in the second half of the ninties. All its branches are fully computerised with the state-of-the-art technology and systems, networked through VSAT technology. The bank is connected to the SWIFT International network.
In 2005, it expanded its network to 562 branches and 1,910 ATMs. It continued to expand its electronic channels, namely internet banking, mobile banking, call centres and ATMs, and migrate customer transaction volumes to these channels. Over 70% of customer induced transactions take place through these electronic channels.
It has acquired a small Russian banking entity, Investitsionno-Kreditny Bank (IKB), which will help boost its corporate business and deposit franchise overseas. The bank has also built several strategic alliances with banks like Wells Fargo in USA, Lloyds TSB in UK and DBS in Singapore.
ICICI has entered into strategic alliance with Prudential plc. of UK for its mutual find buisness. The duo have been fairly aggressive through their companies, Prudential ICICI Asset Management Company Limited and Prudential ICICI Trust Limited.
The bank is also keen to offer its services to the Indian agricultural sector. Over 2,000 Internet kiosks and 70 agri-desks have been established in locations with large agricultural markets.
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