What Is The ICICI Full Form?
ICICI Full Form: It was the parent company of ICICI Bank which was merged with ICICI Bank in 2002. ICICI became ICICI Bank after the merger, hence it is now called ICICI Bank. It is headquartered in Mumbai, Maharashtra, India and operates in 17 countries worldwide.
As of 2014, it was the second largest bank in India in terms of assets. The bank provides a wide range of banking products and services to its corporate and retail customers.
ICICI stands for Industrial Credit score and Funding Company of India.. Headquartered in Mumbai (Maharashtra), ICICI is an Indian multinational banking and financial services company.
In 2014, it was the second largest bank in terms of assets and the third largest bank in terms of market capitalization in India. The Industrial Credit and Investment Corporation of India Limited or (ICICI) was first formed in 1955.
And ICICI Bank was formed in 1994 as a subsidiary of Industrial Credit and Investment Corporation of India Limited, so we had a company called Was Industrial Credit and Investment Corporation.
India Limited, and a company called ICICI Bank Limited were effected through “reverse merger” from March 31, 2002, Industrial Credit and Investment Corporation of India Limited was merged with ICICI Bank.
The Credit and Investment Corporation of India Limited is no longer in existence, except for ICICI Bank’s combined entity and industrial unit only.
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For corporate and retail customers, it provides financial services through a variety of banking products and a variety of distribution channels and specialized subsidiaries in the areas of investment banking, venture capital, life, non-life insurance and asset management.
Currently, the bank has a network of 4867 branches and 14417 ATMs across India. The financial institution has a presence in 19 international locations together with India.
ICICI Full Form: Credit and Investment Corporation of India
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.