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ICICI Bank Ltd.

BSE: 532174 Sector: Financials
NSE: ICICIBANK ISIN Code: INE090A01021
BSE 15:48 | 21 Feb 319.30 1.65
(0.52%)
OPEN

315.00

HIGH

320.30

LOW

315.00

NSE 15:54 | 21 Feb 319.20 1.95
(0.61%)
OPEN

319.00

HIGH

320.70

LOW

315.70

OPEN 315.00
PREVIOUS CLOSE 317.65
VOLUME 2031105
52-Week high 365.65
52-Week low 240.73
P/E 26.37
Mkt Cap.(Rs cr) 205,145
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 315.00
CLOSE 317.65
VOLUME 2031105
52-Week high 365.65
52-Week low 240.73
P/E 26.37
Mkt Cap.(Rs cr) 205,145
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ICICI Bank Ltd. (ICICIBANK) - Company History

ICICI Bank is India's largest private sector bank by consolidated assets. The bank's consolidated total assets stood at US$ 156.8 billion as on 30 September 2017. The bank and their subsidiaries offer a wide range of banking and financial services including commercial banking retail banking project and corporate finance working capital finance insurance venture capital and private equity investment banking broking and treasury products and services. They offer through a variety of delivery channels and through their specialised subsidiaries in the areas of investment banking life and non-life insurance venture capital and asset management. ICICI Bank had a network of 4856 branches and 13792 ATMs as on 30 September 2017. ICICI Bank is present across 17 countries including India. The bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and their American Depositary Receipts (ADRs) are listed on the New York Stock Exchange. The bank is the first Indian Bank listed on New York Stock Exchange.ICICI Bank Ltd was incorporated in the year 1994 as a part of the ICICI group with the name ICICI Banking Corporation Ltd. The initial equity capital was owned 75% by ICICI and 25% by SCICI Ltd a diversified finance and shipping finance lender of which ICICI owned 19.9% at December 1996. Pursuant to the merger of SCICI into ICICI ICICI Bank became a wholly-owned subsidiary of ICICI. In September 10 1999 the name of the Bank was changed from ICICI Banking Corporation Ltd to ICICI Bank LtdIn March 10 2001 ICICI Bank acquired Bank of Madura an old private sector bank in an all-stock merger. ICICI Ltd along with their wholly owned retail finance subsidiaries namely ICICI Capital Services Ltd and ICICI Personal Financial Services Ltd amalgamated with the Bank with effect from May 3 2002.In May 2003 the bank acquired the entire paid-up capital of Transamerica Apple Distribution Finance Pvt Ltd (now known as ICICI Distribution Finance Pvt Ltd) which primarily engaged in financing in the two-wheeler segment. In September 12 2003 the Bank incorporated ICICI Bank Canada as a 100% subsidiary company. In May 2005 the Bank acquired the entire paid-up capital of Investitsionno-Kreditny Bank a Russian bank with their registered office in Balabanovo in the Kaluga region and a branch in Moscow. Thus IKB became a subsidiary of Bank with effect from May 19 2005. In August 2005 the Bank acquired additional 6% of the equity share capital of Prudential ICICI Asset Management Company Ltd and Prudential ICICI Trust Ltd from Prudential Corporation Holdings Ltd and thus these two companies became the subsidiaries of the Bank. During the year 2006-07 ICICI Bank Canada incorporated ICICI Health Management Inc as a subsidiary company. In April 2007 Sangli Bank Ltd merged with the Bank with effect from April 19 2007. In 2007 June the Bank entered into an agreement with networking solutions provider GTL Ltd to lease out their call centre facility at Mahape worth of around Rs 100 crore for a period of 25 years. During the year 2007-08 the Bank increased their branches & extension counter from 755 Nos to 1262 Nos including the addition of about 200 branches through the merger of Sangli Bank. They increased their ATM network from 3271 ATMs to 3881 ATMs. They launched mobile banking service enabling a wide range of banking transactions using the mobile phone.During the year 2008-09 the Bank increased their branches & extension counter from 1262 Nos to 1419 Nos. They also received licenses for 580 additional branches from RBI. They increased their ATM network to 4713 ATMs from 3881 ATMs. In April 22 2009 ICICI Prudential Pension Funds Management Company Ltd was incorporated as a subsidiary company of ICICI Prudential Life Insurance Company Ltd.During the year 2009-10 the Bank increased their branches & extension counter from 1419 Nos to 1707 Nos. They also increased their ATM network from 4713 ATMs to 5219 ATMs. ICICI Wealth Management Inc. a subsidiary of ICICI Bank Canada has been dissolved effective December 31 2009.In January 2010 the Bank and First Data a company engaged in electronic commerce and payment services formed a merchant acquiring alliance and a new entity named ICICI Merchant Services 81% owned by First Data was formed which acquired ICICI Bank's merchant acquiring operations for a total consideration of Rs. 3744 million.In May 2010 the Bank approved the scheme of amalgamation of Bank of Rajasthan Ltd with the Bank through share-swap in a non-cash deal that values the Bank of Rajasthan at about Rs 3000 crore. Each 118 shares of Bank of Rajasthan will be converted into 25 shares of ICICI Bank Ltd. In August 2010 as per the scheme of amalgamation Bank of Rajasthan was amalgamated with the Bank with effect from the close of business on 12 August 2010. The merger of Bank of Rajasthan added over 450 branches to the network. Including these their branch network increased from 1707 branches at March 31 2010 to 2529 branches at March 31 2011. They also increased their ATM network from 5219 ATMs at March 31 2010 to 6055 ATMs at March 31 2011.On 19 May 2011 ICICI Bank announced that the bank through its Dubai branch successfully priced an issuance of 5.5 year fixed rate notes in aggregate principal amount of US$ 1 billion. The offering had an order book of US$ 2.70 billion with strong interest from over 220 investors.On 16 August 2012 ICICI Bank announced that the bank through its Dubai branch successfully priced an issuance of 5.5 year fixed rate notes in an aggregate principal amount of US$750 million. The offering was oversubscribed by 7.6 times and had an order book of US$ 5.7 billion. On 26 November 2012 ICICI Bank through its Dubai branch successfully launched and priced a US$ 250 million tap of its US$ 750.0 million 4.70% 2018 notes originally issued in August 2012. The offering was oversubscribed by 5.6 times and had an order book of US$ 1.4 billion.On 22 August 2013 ICICI Bank announced an increase of 0.25% in its base rate to 10% p.a. from 9.75% p.a. with effect from 23 August 2013. The bank also announced an increase of 0.25% in its benchmark prime-lending rate and in its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from 23 August 2013. On 23 January 2014 ICICI Bank signed an agreement for a USD 200 million Line of Credit with The Export-Import Bank of Korea (Korea Eximbank).The Board of Directors of ICICI Bank Limited at its meeting held on 9 September 2014 considered and approved the sub-division (split) of one equity share of the bank having a face value of Rs 10 into five equity shares of face value of Rs 2 each.The Board of Directors of ICICI Bank at its meeting held on 5 December 2014 approved a proposal for the sale of ICICI Bank's shareholding in ICICI Bank Eurasia Limited Liability Company (IBEL) a non-material wholly-owned banking subsidiary in Russia to Sovcombank an unrelated third party Russian bank.On 7 April 2015 ICICI Bank announced a reduction of 0.25% in its base rate to 9.75% p.a. from 10% with effect from 10 April 2015. Simultaneously the bank announced a reduction in interest rates for some tenors of retail fixed deposits. ICICI Bank announced a reduction of 0.05% in its base rate to 9.7% p.a. from 9.75% p.a. with effect from 26 June 2015. On 1 October 2015 ICICI Bank announced a reduction of 0.35% in its base rate to 9.35% p.a. from 9.7% p.a. with effect from 5 October 2015.The Board of Directors of ICICI Bank at its meeting held on 30 October 2015 approved the sale of 9% shareholding in its subsidiary ICICI Lombard General Insurance Company to its joint venture partner Fairfax Financial Holdings Limited. Upon completion of the transaction ICICI Bank will hold approximately 64% stake and Fairfax will hold about 35% stake in ICICI Lombard General Insurance Company.The Board of Directors of ICICI Bank at its meeting held on 16 November 2015 approved the sale of 6% shareholding in its subsidiary ICICI Prudential Life Insurance Company comprising the sale of 4% to Premji Invest & its affiliates and 2% to Compassvale Investments Pte Ltd an indirectly wholly-owned subsidiary of the Singapore-based investment company Temasek. Upon completion of the transaction ICICI Bank will hold approximately 68% stake in ICICI Prudential Life Insurance Company. Prudential Plc ICICI Bank's joint venture partner will maintain its current share of approximately 26%.On 14 January 2016 ICICI Bank announced that it crossed the milestone of disbursing mortgage loans of over Rs 1 lakh crore a first among private sector banks in the country.On 14 March 2016 ICICI Bank through its Dubai branch priced an issuance of 10 year fixed rate notes of an aggregate principal amount of US$ 700 million. The notes carry a coupon of 4% and were offered at an issue price of 99.592.On 18 July 2016 ICICI Bank announced that its subsidiary company ICICI Prudential Life Insurance Company has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 18.13 crore equity shares representing approximately 12.65% of its equity share capital through an offer for sale by ICICI Bank. 9 September 2016 ICICI Bank announced that the bank has entered into a subscription agreement to acquire 10% shareholding in Resurgent Power Ventures Pte. Limited a power platform created to facilitate investment in power projects in India by ICICI Group and Tata Group with Caisse de depot et placement du Quebec (CDPQ) of Canada Kuwait Investment Authority and State General Reserve Fund of Oman as partner investors. On 2 January 2017 ICICI Bank announced a reduction of 0.7% in marginal cost of funds based lending rates (MCLR) with effect from 3 January 2017. On 2 March 2017 ICICI Bank through its Dubai branch priced an issuance of 5.5 year fixed rate notes for an aggregate principle amount of $300 million. The Board of Directors of ICICI Bank at its meeting held on 3 May 2017 recommended issue of bonus shares in the ratio of 1:10. On 15 May 2017 ICICI Bank announced reduction of interest rates by upto 30 basis points for home loans upto Rs 30 lakh in its bid to boost affordable housing in the country.On 5 June 2017 the Board of Directors of ICICI Bank approved the sale of a part of its shareholding in ICICI Lombard General Insurance Company in an initial public offering by ICICI Lombard General Insurance Company subject to requisite approvals and market conditions. On 14 July 2017 ICICI Bank announced that its subsidiary company ICICI Lombard General Insurance Company Limited has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 8.62 crore equity shares representing approximately 19% of its equity share capital through an offer for sale of up to 3.17 crore equity shares by ICICI Bank and up to 5.44 crore equity shares by FAL Corporation. ICICI Bank announced a reduction in interest on Savings Bank account by 50 basis points to 3.5% from 4% with effect from 19 August 2017 on deposits below Rs 50 lakh. Interest rate on deposits of Rs 50 lakh and above was kept unchanged at 4%.On 7 November 2017 the Board of Directors of ICICI Bank approved the sale of a part of its shareholding in ICICI Securities in an initial public offering by ICICI Securities subject to requisite approvals and market conditions. On 15 December 2017 ICICI Bank announced that it is selling 6.44 crore shares of its subsidiary company ICICI Securities through IPO of ICICI Securities. In this regard ICICI Securities Limited has filed a draft red herring prospectus with Securities and Exchange Board of India for a public offer of up to 6.44 equity shares of face value of Rs 5 each representing approximately 20% of its equity share capital as on date. On 7 December 2017 ICICI Bank through its Dubai branch priced an issuance of 10 year fixed rate notes for an aggregate principal amount of US$ 500 million. The notes carry a coupon of 3.8% and were offered at an issue price of 99.728.