ICICI Bank

2023-03-17T13:36:22Z

103.191.198.112: robot: Creating/updating articles

{{Short description|Indian private sector bank}}
{{Use Indian English|date=August 2016}}{{Use dmy dates|date=September 2021}}
{{Infobox company
| name = ICICI Bank Limited
| logo = ICICI Bank Logo.svg
| image = Icici-bandra_kurla_complex.jpg
| image_caption = [[Corporate headquarters|Headquarters]] in [[Bandra Kurla Complex]], [[Mumbai]]
| former_name = Industrial Credit and Investment Corporation of India (as a Government Organization)
| type = [[Development finance institution|Private Development Finance Institution]]
| traded_as = {{ubl|{{BSE|532174}}|{{NSE|ICICIBANK}}|{{NYSE|IBN}}|[[BSE SENSEX|BSE SENSEX Constituent]]|[[NIFTY 50|NSE NIFTY 50 Constituent]]}}
| foundation = {{Start date and age|df=yes|1994|01|05}}
| hq_location_city = [[Mumbai]], [[Maharashtra]], India
| num_locations = 5,275
| num_locations_year = 2020
| area_served = Worldwide
| key_people = {{ubl|Girish Chandra Chaturvedi (Chairman)<ref>{{cite news |title=ICICI Bank appoints former IAS Girish Chandra Chaturvedi as non-executive part-time chairman |url=https://www.businesstoday.in/sectors/banks/icici-bank-appoints-former-ias-girish-chandra-chaturvedi-non-executive-chairman/story/279718.html |access-date=25 September 2020 |work=Business Today}}</ref> |[[Sandeep Bakhshi]] (MD & CEO)}}
| ISIN = {{ISIN|sl=n|pl=y|INE090A01021}}
| industry = [[Financial services]]
| products = [[Banking]], [[commodities]], [[credit card]]s, [[equities trading]], [[insurance]], [[investment management]], [[mortgage loan]]s, [[mutual funds]], [[private equity]], [[risk management]], [[wealth management]], [[asset management]]
| revenue = {{Increase}} {{INRConvert|157536|c}}<ref name=pnl>{{Cite web|title=ICICI Bank Consolidated Profit & Loss account, ICICI Bank Financial Statement & Accounts|url=https://www.moneycontrol.com/financials/icicibank/consolidated-profit-lossVI/ici02|access-date=28 August 2020|website=www.moneycontrol.com|language=en}}</ref>
| revenue_year = 2022
| operating_income =
| income_year =
| net_income = {{Increase}} {{INRConvert|25783|c}}<ref name=pnl/>
| net_income_year = 2022
| assets = {{Increase}} {{INRConvert|1752637|c}}<ref name=bs>{{Cite web|title=ICICI Bank Consolidated Balance Sheet, ICICI Bank Financial Statement & Accounts|url=https://www.moneycontrol.com/financials/icicibank/consolidated-balance-sheetVI/ici02|access-date=28 August 2020|website=www.moneycontrol.com|language=en}}</ref>
| assets_year = 2022
| equity = {{Increase}} {{INRConvert|180662|c}}<ref name=bs/>
| equity_year = 2022
| num_employees = 97,354 (2020)<ref name="ICICI Bank">{{cite news|title=ICICI Bank Annual Report 2020|url=https://www.icicibank.com/aboutus/Annual-Reports/2019-20/ICICI-Bank-Annual-Report-FY2020.pdf|access-date=13 February 2020|archive-date=23 May 2022|archive-url=https://web.archive.org/web/20220523232721/https://www.icicibank.com/aboutus/Annual-Reports/2019-20/ICICI-Bank-Annual-Report-FY2020.pdf|url-status=dead}}</ref>
| subsid = [[ICICI Prudential]]<ref name=icici_pru>{{cite news |title=ICICI Bank sells 1.5% stake in ICICI Prudential Life Insurance for Rs 840 crore |url=https://zeenews.india.com/companies/icici-bank-sells-1-5-stake-in-icici-prudential-life-insurance-for-rs-840-crore-2291303.html |work=Zee News |date=22 June 2020 |language=en}}</ref><br>[[ICICI Lombard]]<ref name=icici_lom>{{cite news |title=ICICI Bank divests stake in ICICI Prudential for Rs 2,250 crore |url=https://www.thestatesman.com/business/icici-bank-divests-stake-icici-prudential-rs-2250-crore-1502902487.html |work=The Statesman |date=22 June 2020}}</ref><br>ICICI Securities<ref>{{Cite web|url=https://www.icicisecurities.com/AboutUs.aspx|title=ICICI Securities|website=www.icicisecurities.com}}</ref><br>ICICI Direct<ref>{{Cite web|url=https://www.icicidirect.com|title=ICICIdirect - Online Share Trading in India at low brokerage|website=www.icicidirect.com}}</ref>
| ratio = [[Tier 1 capital|Tier 1]] 16.97% (2022)<ref>{{cite web|title=Basel – Pillar 3 Disclosures|website=icicibank.com|date=June 30, 2022 |url=https://www.icicibank.com/content/dam/icicibank/missing-assets/basel-pillar-3-disclosure-2022-06.pdf}}</ref>
| rating = {{plainlist|
* [[S&P Global Ratings|S&P]] BBB-/Stable<ref name="ratings"/>
* [[Moody's Investors Service|Moody's]] Baa3/Stable<ref name="ratings"/>
* [[Fitch Ratings|Fitch]] BB+/Stable<ref name="ratings">https://www.icicibank.com/about-us/credit-rating</ref>
}}
| homepage = {{URL|http://www.icicibank.com/}}
}}

'''ICICI Bank Limited''' is an Indian [[Multinational Corporation|multinational]] [[bank]] and [[financial services]] company headquartered in [[Mumbai]]. It offers a wide range of banking products and financial services for corporate and [[retail banking|retail customers]] through a variety of delivery channels and specialized subsidiaries in the areas of [[investment banking]], [[Life insurance|life]], [[non-life insurance]], [[venture capital]] and [[asset management]].

This development finance institution has a network of 5,275 branches and 15,589 ATMs across India and has a presence in 17 countries.<ref>{{Cite web|url=https://www.icicibank.com/aboutus/article.page?identifier=news-performance-review-quarter-ended-december-31-2019-20202501153443818|title=ICICI Bank {{!}} Performance Review: Quarter ended 31 December 2019|website=www.icicibank.com|access-date=6 February 2020}}</ref> The bank has subsidiaries in the United Kingdom and Canada; branches in United States, [[Singapore]], [[Bahrain]], [[Hong Kong]], [[Qatar]], [[Oman]], Dubai International Finance Centre, China<ref>{{cite news |url=http://articles.economictimes.indiatimes.com/2015-05-16/news/62239324_1_ceo-chanda-kochhar-shanghai-branch-largest-private-sector-development finance institution |title=PM Modi inaugurates ICICI Bank's first Chinese branch in Shanghai |publisher=Economic Times }}</ref> and South Africa;<ref>{{cite news |url=http://zeenews.india.com/business/news/companies/icici-bank-enter-south-africa-opens-branch-in-johannesburg_1847256.html |title=ICICI Bank enter South Africa, opens branch in Johannesburg |publisher=Zee News }}</ref> as well as representative offices in [[United Arab Emirates]], [[Bangladesh]], [[Malaysia]] and [[Indonesia]]. The company's UK subsidiary has also established branches in Belgium and Germany.<ref>{{cite web|url=http://www.sify.com/finance/icici-uk-opens-branch-in-frankfurt-news-fixed-income-jegnpydhffj.html |archive-url=https://web.archive.org/web/20121022012353/http://www.sify.com/finance/icici-uk-opens-branch-in-frankfurt-news-fixed-income-jegnpydhffj.html |url-status=dead |archive-date=22 October 2012 |title=ICICI UK opens branch in Frankfurt |website=[[Sify]] |date=29 February 2008 |access-date=30 July 2011}}</ref>

== History ==

The Industrial Credit and Investment Corporation of India (ICICI) was a government institution established on 5 January 1955 and Sir [[Arcot Ramasamy Mudaliar]] was elected as the first Chairman of ICICI Ltd. It was structured as a joint-venture of the [[World Bank]], India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry.<ref>{{cite web|title=NOS on ICICI|url=http://www.nos.org/srsec319/319-20.pdf|publisher=NOS org|access-date=5 August 2011|archive-url=https://web.archive.org/web/20120322123605/http://www.nos.org/srsec319/319-20.pdf|archive-date=22 March 2012|url-status=dead}}</ref><ref>{{cite web|title=about ICICI|url=http://www.lloydstsb.com/current_accounts/india_banking_service_faqs.asp|publisher=lloydstsb|access-date=5 August 2011|archive-url=https://web.archive.org/web/20121223023101/http://www.lloydstsb.com/current_accounts/india_banking_service_faqs.asp|archive-date=23 December 2012|url-status=dead}}</ref> ICICI Bank was established by ICICI, as a wholly owned subsidiary in 1994 in [[Vadodara]]. The bank was founded as the '''Industrial Credit and Investment Corporation of India Bank''', before it changed its name to ICICI Bank. The parent company was later merged with the bank.

In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group, offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. ICICI Bank launched [[Internet Banking]] operations in 1998.<ref>{{cite web |date=Spring 2007 |title=The CEO as CIO: An interview with K. V. Kamath of ICICI |url=https://www.yumpu.com/en/document/view/13773971/the-ceo-as-cio-an-interview-with-kv-mckinsey-company |url-status=live |archive-url=https://web.archive.org/web/20110927094058/http://www.mckinsey.com/clientservice/bto/pointofview/pdf/MoIT11_ICICInterview_F.pdf |archive-date=27 September 2011 |access-date=29 July 2011 |website=McKinsey & Company}}</ref>

ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in 1998, followed by an equity offering in the form of [[American depositary receipt]]s on the [[NYSE]] in 2000.<ref>{{cite web| title=ICICI Bank History |url=https://economictimes.indiatimes.com/icici-bank-ltd/infocompanyhistory/companyid-9194.cms |publisher=[[Times Internet]]}}</ref> ICICI Bank acquired the ''[[Bank of Madura]] Limited'' in an all-stock deal in 2001 and sold additional stakes to institutional investors during 2001–02.<ref>{{cite news|title=Bank of Madura, ICICI Bank merger – a synergy for better service | url=https://www.thehindu.com/todays-paper/tp-miscellaneous/tp-others/bank-of-madura-icici-bank-merger-a-synergy-for-better-service/article28063055.ece |work=[[The Hindu]] | date=December 28, 2000 | url-access=subscription}}</ref> In 1999, ICICI become the first Indian company and the first bank or a financial institution from non-Japan Asia to be listed on the NYSE.<ref>{{cite web|title=ICICI Bank _NYSE|url=http://www.mondovisione.com/media-and-resources/news/icici-bank-joins-icic-as-indian-companies-listed-on-the-nyse/|publisher=Mondovisione}}</ref>

ICICI, ICICI Bank, and ICICI subsidiaries ICICI Personal Financial Services Limited and ICICI Capital Services Limited merged in a [[reverse merger]] in 2002.<ref>{{Cite news |title=RBI Clears ICICI-ICICI Bank Merger With Conditions |url=https://www.financialexpress.com/archive/rbi-clears-icici-icici-bank-merger-with-conditions/44548/ |newspaper=Financial Express |location=Mumbai |date=2002-04-27 |access-date=2020-10-24}}</ref> During the [[financial crisis of 2007–2008]], customers [[Bank run|rushed to]] ICICI ATMs and branches in some locations due to rumors of [[bank failure]]. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumours.<ref>{{cite news |title=ICICI Financial Rumours |url=https://indianexpress.com/article/news-archive/rbi-scotches-icici-bank-rumours-govt-says-dont-panic-we-are-watching/ |work=[[Indian Express]] | date=October 1, 2008 }}</ref>
[[File:ICICI Bank Towers Hyd.jpg|thumb|ICICI Bank office in [[Financial District, Hyderabad]].]]
In March 2020, the board of ICICI Bank Ltd. approved an investment of {{INRConvert|10|b|lk=r}} in [[Yes Bank]], resulting in a 5% ownership interest in Yes.

== Acquisitions ==
* 1996: ICICI Ltd. A diversified financial institution with headquarters in Mumbai<ref name="ICICI Bank Ltd">{{cite news |title=ICICI Bank History| url=https://economictimes.indiatimes.com/icici-bank-ltd/infocompanyhistory/companyid-9194.cms | publisher=[[Times Internet]]}}</ref>
* 1997: ITC Classic Finance. incorporated in 1986, ITC Classic was a non-bank financial firm that engaged in hire, purchase and leasing operations. At the time of being acquired, ITC Classic had eight offices, 26 outlets and 700 brokers.<ref>{{cite news|title=Itc Classic To Merge Into Icici | url=http://www.business-standard.com/article/specials/itc-classic-to-merge-into-icici-197112701090_1.html|access-date=22 May 2015|date=27 November 1997}}</ref>
* 1997: SCICI (Shipping Credit and Investment Corporation of India)<ref>{{cite news|title=Icici-Scici Merger Sets Trend For Consolidation| url=https://www.business-standard.com/article/specials/icici-scici-merger-sets-trend-for-consolidation-197122601056_1.html|access-date=2 March 2019|date=26 December 1997}}</ref>
* 1998: Anagram (ENAGRAM) Finance. Anagram had built up a network of some 50 branches in Gujarat, Rajasthan, and Maharashtra that were primarily engaged in the retail financing of cars and trucks. It also had some 250,000 depositors.<ref>{{cite news|title=ICICI swallows Anagram Finance | url=http://www.rediff.com/business/1998/may/21icici.htm|access-date=22 May 2015|date=21 May 1998}}</ref>
* 2001: [[Bank of Madura]]<ref>{{cite news|title=Bank of Madura, ICICI Bank merger – a synergy for better service | url=http://www.thehindu.com/thehindu/2000/12/28/stories/0628000c.htm|work=[[The Hindu]] |access-date=22 May 2015}}{{dead link|date=April 2021|bot=medic}}{{cbignore|bot=medic}}</ref>
* 2002: The [[Darjeeling]] and [[Shimla]] branches of [[Grindlays Bank]]<ref>{{cite news|title=Icici Bank To Pick Grindlays Shimla, Darjeeling Branches | url=http://www.business-standard.com/article/companies/icici-bank-to-pick-grindlays-shimla-darjeeling-branches-102062901012_1.html|access-date=22 May 2015|date=29 June 2002}}</ref>
* 2005: Investitsionno-Kreditny Bank (IKB), a Russian bank<ref>{{cite news|title=ICICI Bk acquires Investitsionno-Kreditny | url=http://www.moneycontrol.com/news/business/icici-bk-acquires-investitsionno-kreditny_167951.html|access-date=22 May 2015|date=19 May 2005}}</ref>
* 2007: Sangli Bank. Sangli Bank was a private sector unlisted bank, founded in 1916, and 30% owned by the Bahte family. Its headquarters were in Sangli in [[Maharashtra]], and it had 198 branches. It had 158 in Maharashtra and 31 in [[Karnataka]], and others in Gujarat, Andhra Pradesh, Tamil Nadu, Goa, and Delhi. Its branches were relatively evenly split between metropolitan areas and rural or semi-urban areas.<ref>{{cite news|title=ICICI Bank, Sangli Bank agree on merger | url=http://www.thehindu.com/todays-paper/tp-business/icici-bank-sangli-bank-agree-on-merger/article3031837.ece|access-date=22 May 2015|date=10 December 2006}}</ref>
* 2010: The [[Bank of Rajasthan]] (BOR) was acquired by the ICICI Bank in 2010 for {{INRConvert|30|b|lk=r}}. RBI was critical of BOR's promoters not reducing their holdings in the company. BOR has since been merged with ICICI Bank.<ref name="ICICI Bank Ltd"/>

== Role in Indian financial infrastructure ==
ICICI bank has contributed to the setting up of a number of Indian institutions to establish financial infrastructure in the country over the years:
* The [[National Stock Exchange of India|National Stock Exchange]] was promoted by India's leading financial institutions (including ICICI Ltd.) in 1992 on behalf of the Government of India with the objective of establishing a nationwide trading facility for equities, debt instruments and hybrids, by ensuring equal access to investors all over the country through an appropriate communication network.<ref>{{cite web|url=http://www.nseindia.com/|title=NSE – National Stock Exchange of India Ltd.|website=www.nseindia.com}}</ref>
* In 1987, ICICI Ltd along with [[Unit Trust of India|UTI]] set up [[CRISIL]] as India's first professional [[credit rating agency]].<ref>{{cite web |url=http://www.crisil.com/index.jsp |title=A global analytical company providing Ratings, Research, and Risk and Policy Advisory services |publisher=CRISIL |date=30 June 2011 |access-date=30 July 2011 |archive-url=https://web.archive.org/web/20110728075706/http://www.crisil.com/index.jsp |archive-date=28 July 2011 |url-status=dead }}</ref>
* [[NCDEX]] (National Commodities and Derivatives EXchange) was set up in 2003, by ICICI Bank Ltd, LIC, [[NABARD]], NSE, [[Canara Bank]], CRISIL, Goldman Sachs, [[Indian Farmers Fertiliser Cooperative Limited]] (IFFCO) and [[Punjab National Bank]].<ref>{{cite web|url=http://www.ncdex.com/ |title=Commodity Market|Commodity Price|Futures|Trading|Bullion|Indian Commodity Exchange|Agri Commodity Price|Commodities |publisher=NCDEX |access-date=30 July 2011}}</ref>
* ICICI Bank facilitated the setting up of "FINO Cross Link to Case Link Study" in 2006, as a company that would provide technology solutions and services to reach the underserved and [[underbanked]] population of the country. Using technologies like [[smart cards]], [[biometrics]] and a basket of support services, FINO enables financial institutions to conceptualise, develop and operationalise projects to support sector initiatives in [[microfinance]] and livelihoods.<ref>{{cite web|url=http://fino.co.in/ |title=FINO |publisher=FINO |access-date=30 July 2011}}</ref>
* Entrepreneurship Development Institute of India (EDII), was set up in 1983, by the erstwhile apex financial institutions like IDBI, ICICI, IFCI and SBI with the support of the [[Government of Gujarat]] as a national resource organisation committed to entrepreneurship development, education, training and research.<ref>{{cite web|title=EDII|url=http://www.ediindia.org/|publisher=EDII}}</ref>
* Eastern Development Finance Corporation (NEDFI) was promoted by national level financial institutions like ICICI Ltd in 1995 at Guwahati, Assam for the development of industries, infrastructure, animal husbandry, agri-horticulture plantation, medicinal plants, sericulture, aquaculture, poultry and dairy in the North Eastern states of India.<ref>{{cite web|url=http://www.nedfi.com/ |title=North Eastern Development Finance Corporation Ltd |publisher=Nedfi.com |access-date=30 July 2011}}</ref>
* Following the enactment of the Securitisation Act in 2002, ICICI Bank, together with other institutions, set up Asset Reconstruction Company India Limited (ARCIL) in 2003. ARCIL was established to acquire non-performing assets (NPAs) from financial institutions and banks with a view to enhance the management of these assets and help in the maximisation of recovery.<ref>{{cite web |url=http://203.115.117.202/Arcil1/index.html |title=home |publisher=203.115.117.202 |date=10 June 2010 |access-date=30 July 2011 |archive-url=https://web.archive.org/web/20120120095628/http://203.115.117.202/Arcil1/index.html |archive-date=20 January 2012 |url-status=dead }}</ref><ref>{{cite web |url=http://203.115.117.202/Arcil1/knowledge_centre/ARC_business/historical_background.html |title=international_scenario |publisher=203.115.117.202 |date=2 December 2009 |access-date=30 July 2011 |archive-url=https://web.archive.org/web/20120120100117/http://203.115.117.202/Arcil1/knowledge_centre/ARC_business/historical_background.html |archive-date=20 January 2012 |url-status=dead }}</ref>
* ICICI Bank has helped in setting up [[CIBIL|Credit Information Bureau of India Limited]] (CIBIL), India's first national credit bureau in 2000. CIBIL provides a repository of information (which contains the credit history of commercial and consumer borrowers) to its members in the form of credit information reports.<ref>{{cite web|url=http://www.cibil.com/ |title=Welcome to CIBIL |publisher=Cibil.com |access-date=30 July 2011}}</ref>

== Products ==

ICICI Bank offers products and services such as online money transfers, tracking services, current accounts, savings accounts,<ref>{{cite news |title= ICICI Bank launch overdraft facility for salary account customers. Here's how to use it |url=https://economictimes.indiatimes.com/wealth/save/icici-bank-launches-overdraft-facility-for-salary-account-customers-heres-how-to-use-it/articleshow/76381675.cms |work=The Economic Times}}</ref> time deposits, recurring deposits, mortages, loans, automated lockers, credit cards, prepaid cards, debit cards and [[digital wallet]]s called ICICI pocket.<ref>{{cite web |title=Products |url=https://www.icicibank.com/Personal-Banking/products.page? |website=ICICI Bank |access-date=12 September 2018}}</ref>

ICICI bank launched 'ICICIStack' which provides online services such as payment options, digital accounts, instant car loans, insurance, investments, loans and more.<ref>{{Cite web|url=https://cio.economictimes.indiatimes.com/news/enterprise-services-and-applications/icici-bank-launches-icicistack-a-comprehensive-digital-banking-platform/74674297|title=ICICI Bank launches 'ICICIStack', a comprehensive digital banking platform – ET CIO|website=ETCIO.com}}</ref>

== Subsidiaries ==
=== ICICI Prudential Life Insurance ===
{{main|ICICI Prudential Life Insurance}}

===ICICI Lombard===
{{main|ICICI Lombard}}

===ICICI Prudential Mutual Fund===
{{main|ICICI Prudential Mutual Fund}}

===ICICI Securities===
{{main|ICICIdirect}}

=== ICICI Bank Canada ===
{{Infobox company
| name = ICICI Bank Canada
| logo = ICICI Bank Logo.svg
| type = [[Subsidiary]]
| industry = [[Financial services]]
| founded = 2003
| key_people = Sandeep Goel (President and [[Chief Executive Officer]])
| parent = ICICI Bank Limited
| website = [http://www.icicibank.ca/ www.icicibank.ca]
}}

'''ICICI Bank Canada''' is a wholly owned subsidiary of ICICI Bank, whose corporate office is located in [[Toronto]]. Established in December 2003,<ref name="icici-bank-canada-01">{{cite web |title=All about ICICI Bank |url=https://www.icicibank.ca/abouticicibank/aboutus/default.page? |website=ICICI Bank Canada |access-date=16 October 2019}}</ref> ICICI Bank Canada is a full-service direct bank with assets of about $6.5 billion as of 31 December 2019.<ref name="icici-bank-canada-01" /> It is governed by Canada's [[Bank Act (Canada)|Bank Act]] and operates under the supervision of the [[Office of the Superintendent of Financial Institutions]].<ref name="osfi-wwr-foreignbanks">{{cite web |title=Who We Regulate – Foreign Banks |url=http://www.osfi-bsif.gc.ca/Eng/wt-ow/Pages/wwr-er.aspx?sc=1&gc=1&ic=2#WWRLink112 |website=Office of the Superintendent of Financial Institutions Canada | date=30 October 2012 |access-date=16 October 2019}}</ref> The bank has seven branches in Canada.<ref name="icici-bank-canada-01" />

In 2003, ICICI Bank Canada was established as a [[List of banks and credit unions in Canada#Schedule II banks (subsidiaries of foreign banks)|Schedule II (foreign-owned or -controlled) bank]]. It was incorporated in November and opened its head office and downtown Toronto branch in December.<ref name="icici-bank-canada-01" /> In 2004 launched an [[online banking]] platform. In 2005, it launched its financial advisor services channel. In 2008, the bank relocated its corporate office to the Don Valley Business Park in Toronto. In 2010, it launched a mortgage broker service. In 2014, the bank launched a mobile banking app.

ICICI Bank Canada is a member of several esteemed [[trade association]]; as well as the [[Canadian Bankers Association]] (CBA);<ref name="cba">{{cite web |title=Member Banks |url=https://cba.ca/member-banks |website=Canadian Bankers Association |access-date=16 October 2019}}</ref> a registered member with the [[Canada Deposit Insurance Corporation]] (CDIC),<ref name="cdic">{{cite web |title=List of Members |url=https://www.cdic.ca/your-coverage/list-of-member-institutions/ |website=Canada Deposit Insurance Corporation |access-date=16 October 2019}}</ref> a federal agency insuring deposits at all of Canada's chartered banks; [[Interac]] Association;<ref name="interac-corp">{{cite web |title=Network Participation |url=https://www.interac.ca/en/about/network-participation.html |website=Interac Corporation |access-date=16 October 2019}}</ref> [[Cirrus Network]]; and [[ACCEL/Exchange|The Exchange]] Network.<ref name="exchange-network">{{cite web |title=Participating Financial Institutions |url=https://www.theexchangenetwork.ca/Participating-Financial-Institutions.aspx |website=THE EXCHANGE ATM Network |access-date=16 October 2019}}</ref>

=== ICICI Bank UK PLC ===
{{Infobox company
| name = ICICI Bank UK PLC
| logo = ICICI Bank Logo.svg
| image = ICICI Bank Branch in Knightsbridge, London.JPG
| image_size = 250px
| image_caption = An ICICI Bank branch in [[London]], United Kingdom
| type = [[Subsidiary]]
| industry = [[Financial services]]
| founded = 2003
| key_people =
| parent = ICICI Bank Limited
| website = [http://www.icicibank.co.uk www.icicibank.co.uk]
}}

'''ICICI Bank UK PLC''' was incorporated in England and Wales on 11 February 2003, as a private company with the name ICICI Bank UK Ltd. It then became a public limited company on 30 October 2006.<ref name="icici-bank-uk-01">{{cite web |title=About ICICI Bank UK PLC|url=https://www.icicibank.co.uk/personal/about-us.page? |website=ICICI Bank UK PLC}}</ref> Presently the Bank has seven branches<ref>{{cite web |title=ICICI Bank UK PLC Branches |url=https://www.icicibank.co.uk/branchFinder.page? |website=ICICI Bank UK PLC}}</ref> in the UK. : one each in [[Birmingham]], [[East Ham]], [[Harrow, London|Harrow]], [[London]], [[Manchester]], [[Southall]] and [[Wembley]].

The bank currently has seven branches in the UK. ICICI Bank UK PLC is authorised by the [[Prudential Regulation Authority (United Kingdom)|Prudential Regulation Authority]] and regulated by the [[Financial Conduct Authority]] and Prudential Regulation Authority. It is covered by the [[Financial Services Compensation Scheme]] (FSCS). The bank has a long-term foreign currency credit rating of Baa1 from [[Moody's]]. At 31 March 2019, it had a capital adequacy ratio of 16.8%.<ref name="icici-bank-uk-01"/>

ICICI Bank UK PLC offers products and services such as a current account, savings account, [[remittance to India]], [[safe deposit box]], [[Non-resident Indian and person of Indian origin|NRI]] Services, business banking, foreign exchange services, commercial real estate and corporate banking.<ref>{{cite web |title=ICICI Bank UK PLC Products & Services |url=https://www.icicibank.co.uk/ |website=ICICI Bank UK PLC}}</ref> In 2019, ICICI Bank UK PLC launched an instant account opening facility through its iMobile app.<ref>{{Cite web|url=https://www.financialexpress.com/money/migrating-to-uk-you-may-now-get-a-functional-bank-account-even-without-reaching-there/1723658/|title=ICICI Bank UK PLC Launches Instant Account Opening On iMobile App – Financial Express ►|website=Financial Express}}</ref><ref>{{Cite web|url=http://www.businessworld.in/article/ICICI-Bank-UK-PLC-Launches-Instant-Account-Opening-Facility-On-Mobile/03-10-2019-177095/|title=ICICI Bank UK PLC Launches Instant Account Opening On iMobile App – Business World ►|website=Business World}}</ref>

=== ICICI Bank US ===

=== ICICI Bank Regional Subsidiaries ===

ICICI Bank has operations in Bahrain, Germany, Europe, Hong Kong, and China in addition to the countries mentioned above.

==Controversies==

===Inhumane debt recovery methods===

A few years after its rise to prominence in the banking sector, ICICI bank faced allegations on the recovery methods it used against loan payment defaulters. A number of cases were filed against the bank and its employees for using "brutal measures" to recover the money. Most of the allegations were that the bank was using goons to recover the credit card payments and that these "recovery agents" exhibited inappropriately and in some cases, inhuman behaviour. Incidents were reported wherein the defaulters were put to "public shame" by the recovery agents.

The bank also faced allegations of inappropriate behaviour in recovering its loans. These allegations started initially when the "recovery agents" and bank employees started threatening the defaulters. In some cases, notes were written by the bank's employees asking the defaulters to "sell everything in the house including family members", were found. Such charges faced by the bank rose to a peak when suicide cases were reported wherein the suicide notes spoke of the bank's recovery methods as the cause of the suicide. This led to legal battles and the bank paying huge compensation.<ref name="RBI warns ICICI Bank on recovery agents">{{cite news|last=PTI|title=RBI warns ICICI Bank on recovery agents|url=http://articles.timesofindia.indiatimes.com/2007-11-21/india-business/27978291_1_recovery-agents-icici-bank-private-banks|archive-url=https://web.archive.org/web/20130714194151/http://articles.timesofindia.indiatimes.com/2007-11-21/india-business/27978291_1_recovery-agents-icici-bank-private-banks|url-status=dead|archive-date=14 July 2013|access-date=16 March 2013|newspaper=[[The Times of India]]|date=21 November 2007}}</ref><ref name="How to deal with rising abuse of bank recovery agents">{{cite news|last=Sarang|first=Bindisha|title=How to deal with rising abuse of bank recovery agents|url=http://www.firstpost.com/investing/how-to-deal-with-rising-abuse-of-bank-recovery-agents-487476.html|access-date=16 March 2013|newspaper=first post|date=7 January 2013}}</ref>

===Money laundering allegations===
ICICI Bank was one of the leading Indian banks accused of blatant [[money laundering]] through violation of RBI guidelines in the famous CobraPost<ref>{{Cite web|url=https://www.moneycontrol.com/news/business/economy/-1706217.html|title=RBI Probes Cobrapost Report, Reveals Violations By Banks|website=www.moneycontrol.com}}</ref> sting operation which shook up Indian banking industry during April–May 2013.<ref>{{cite news|url=http://articles.timesofindia.indiatimes.com/2013-05-10/india/39168568_1_cobrapost-axis-bank-icici-bank|archive-url=https://web.archive.org/web/20130607041632/http://articles.timesofindia.indiatimes.com/2013-05-10/india/39168568_1_cobrapost-axis-bank-icici-bank|url-status=dead|archive-date=2013-06-07|work=[[The Times of India]]|title = Cobra Post Exposure of Indian Banks }}</ref>

On 14 March 2013 the online magazine Cobrapost released video footage from [[Operation Red Spider]] showing high-ranking officials and some employees of ICICI Bank agreeing to convert black money into white, an act in violation of [[Prevention of Money Laundering Act, 2002]]. The [[Government of India]] and [[Reserve Bank of India]] ordered an inquiry following the [[exposé (journalism)|exposé]]. On 15 March 2013, ICICI Bank suspended 18 employees, pending inquiry.<ref name="Money laundering case: ICICI bank suspends 18 employees">{{cite news|title=Money laundering case: ICICI bank suspends 18 employees|url=http://zeenews.india.com/business/news/economy/money-laundering-case-icici-bank-suspends-18-employees_72295.html|access-date=16 March 2013|newspaper=zee news|date=15 March 2013}}</ref><ref name="Probes Begin as Top Indian Banks Are Embroiled in Sting Operation">{{cite web|title=Probes Begin as Top Indian Banks Are Embroiled in Sting Operation|url=http://knowledgetoday.wharton.upenn.edu/2013/03/probes-begin-as-top-indian-banks-are-embroiled-in-sting-operation/|work=Wharton School of the University of Pennsylvania|access-date=16 March 2013}}</ref><ref name="India's Private Banks Under Scanner: Is RBI to be Blamed for Money Laundering?">{{cite news|last=Ronamai|first=Raymond|title=India's Private Banks Under Scanner: Is RBI to be Blamed for Money Laundering?|url=http://www.ibtimes.co.in/articles/446610/20130315/money-laundering-rbi-icici-bank-hdfc-axis.htm|access-date=16 March 2013|newspaper=International Business Times|date=15 March 2013}}</ref> On 11 April 2013 the Deputy Governor of [[Reserve Bank of India|RBI]], H R Khan reportedly said that the central bank was initiating action against ICICI Bank in connection with allegations of money laundering.<ref name="Cobrapost expose: IRDA report likely next week">{{cite news|last=PTI|title=Cobrapost expose: IRDA report likely next week|url=http://www.thehindu.com/business/Industry/cobrapost-expose-irda-report-likely-next-week/article4610508.ece|access-date=18 April 2013|newspaper=The Hindu|date=12 April 2013|location=Chennai, India}}</ref><ref name="Cobrapost expose: RBI initiating action against banks over money laundering allegations">{{cite news|last=pti|title=Cobrapost expose: RBI initiating action against banks over money laundering allegations|url=http://www.dnaindia.com/money/1821269/report-cobrapost-expose-rbi-initiating-action-against-banks-over-money-laundering-allegations|access-date=18 April 2013|newspaper=DNA|date=11 April 2013}}</ref>

=== Chanda Kochhar fraud case ===
On 4 October 2018, the then MD & [[Chief executive officer|CEO]] [[Chanda Kochhar]] stepped down from her position following allegations of [[Corruption in India|corruption]].<ref>{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/chanda-kochhar-quits-icici-bank-sandeep-bakhshi-appointed-as-md-and-ceo/articleshow/66068380.cms|title=Chanda Kochhar quits ICICI Bank; Sandeep Bakhshi appointed new CEO – Times of India ►|website=The Times of India|date=4 October 2018 |access-date=9 September 2019}}</ref> In January 2019, based on the report of an enquiry panel headed by [[B. N. Srikrishna|Justice Srikrishna]], the bank board officially [[Termination of employment|terminated]] her from service. It also become one of the first in the country to ask for a [[claw back]] of bonuses and benefits.<ref>{{Cite web|url=https://www.icicibank.com/managed-assets/docs/about-us/2019/icici-bank-statement-on-findings-in-enquiry-report.pdf|title=Justice Srikrishna Report|access-date=2 February 2019|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125030542/https://www.icicibank.com/managed-assets/docs/about-us/2019/icici-bank-statement-on-findings-in-enquiry-report.pdf|url-status=dead}}</ref> In 2020 the [[Enforcement Directorate]] provisionally seized assets and shares belonging to Chanda Kochhar with an estimated value of more than {{INRConvert|780|m}}, in relation to the [[ICICI-Videocon loan scam|ICICI bank loan case]].<ref>{{Cite web|url=https://www.businesstoday.in/current/economy-politics/enforcement-directorate-attaches-apartment-worth-rs-78-crore-shares-belonging-to-chanda-kochhar/story/393558.html|title=ED attaches assets worth Rs 78 crore, shares belonging to Chanda Kochhar|date=10 January 2020|website=Business Today India|access-date=28 April 2020}}</ref>

==See also==
{{Portal|Banks}}
* [[Banking in India]]
* [[List of banks in India]]
* [[Reserve Bank of India]]
* [[ICICI Lombard|ICICI Lombard General Insurance]]
* [[ICICI Prudential|ICICI Prudential Life Insurance]]
*[[ICICI Prudential Mutual Fund]]

== References ==
{{Reflist|30em}}

== External links ==
{{Commons category|ICICI Bank}}
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{{Finance links
| name = ICICI Bank
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