ICICI Full Form | Full Form of ICICI Bank

ICICI Full Form - Industrial Credit and Investment Corporation of India

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 Industrial Credit and Investment Corporation of India

Industrial Credit and Investment Corporation of India

  • It was the parent company of ICICI Bank which was merged into ICICI Bank in 2002. After the merger, ICICI became ICICI Bank so it's now called ICICI Bank.
  • It's headquartered in Mumbai, Maharashtra, India and is working in 17 countries around the world.
  • As of 2014, it had been the second largest bank in India in terms of assets.
  • The bank offers a good range of banking products and services to its corporate and retail customers.
 Types of Icici

Types of Icici

Product and Services

  • Some of the favored products and services of ICICI bank are listed below:
    • Cards like credit card, debit card and business card
    • Loans like home loan, personal loan, car loan and two -wheeler loan
    • Investments like mutual fund, tax solutions and PPF
    • Insurance like general insurance, health insurance and life insurance
    • Deposit schemes like fixed deposit (FD) and recurring deposit (RD) schemes
    • Business banking which incorporates wide selection 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

Brief History

  • In 1955, Industrial Credit and Investment Corporation of India (ICICI) were founded.
  • In 1994, ICICI entered the banking system by establishing ICICI bank limited as its banking subsidiary.
  • In 1998, ICICI bank became the first bank to launch internet banking in India.
  • In 2000, it became the first Indian bank listed on the New York stock market.
  • 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. During 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.

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