ICICI Bank Limited is India's largest private sector bank by consolidated assets. ICICI Bank Limited was incorporated in January, 1994 as a part of the ICICI Group with the name ICICI Banking Corporation Limited. The initial equity capital was owned 75% by ICICI and 25% by SCICI Limited, a diversified finance and shipping finance lender of which ICICI owned 19.9% at December 1996. Pursuant to merger of SCICI into ICICI, ICICI Bank became a wholly-owned subsidiary of ICICI Bank. In September 10, 1999, the name of the Bank was changed from ICICI Banking Corporation Limited to ICICI Bank Limited.
Incorporated in Vadodara, India, ICICI Bank engaged in providing a wide range of banking and financial services including commercial banking and treasury operations. The Bank has overseas branches in Bahrain, China, Dubai, Hong Kong, Singapore, United States of America and Offshore Banking units.
In March 10, 2001, ICICI Bank acquired Bank of Madura, an old private sector bank, in an all-stock merger. ICICI Limited along with their wholly owned retail finance subsidiaries, namely ICICI Capital Services Limited and ICICI Personal Financial Services Limited 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 Limited from Prudential Corpora