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
- 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
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
- 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.