ICICI Bank: The Largest Private Bank of India

ICICI Bank is India’s largest Private Sector Bank. It is the second largest bank among all Indian banks, the largest being State Bank of India (SBI).

ICICI Bank has a total asset of more than 90 billion dollars. In a very short span of time, the ICICI Bank has made an aspiring network having more than 2,500 branches with more than 6,400 ATMs. ICICI Bank is considered as the bank which started the revolution in changing the banking experience of General Indians. Previously, middle class persons have to deal with not-so-aspiring services of Public Sector Banks as foreign banks were out of their reach. ICICI Bank opened the door for all, and in fact, the success that it got compelled public sector banks including State Bank of India with its associates to change the way they used to treat their customers.

The history of ICICI Bank goes back to 1955 when the World Bank, the Government of India, and some financial institutions started Industrial Credit and Investment Corporation of India (ICICI). The decision to start this institution stemmed from the fact that Indian industries were feeling the utter lack of a perfect institutional mechanism to finance their projects. The Government of India took initiative which was supported by the World Bank. Though, ICICI as a Development Financial Institution (DFI) was an utter failure because its management could never accumulate the courage to break the chain of bureaucracy. It failed in choosing perfect project to finance. The overall performance of ICICI as a DFI was really shocking, save its decision to finance Dhiru Bhai Ambani (the credit for that finance goes to K V Kamath).

When the Government of India started the New Industrial Policy then ICICI decided to catch the bull of financial world by its horn. It was also supported by a personality of K V Kamath who was then spearheading it. It went a step ahead and applied for a license of a retail bank which came to its hand without any problem. And, that is how ICICI Bank was born in 1994. Note, ICICI Bank doesn’t extend its name. With Public issues and reverse merging of ICICI –DFI, the ICICI Bank became a private financial institution led by maverick K V Kamath. The bank shows lots of character during its initial days which helped it in becoming a trusted financial brand.

The bank is currently doing business in 19 countries, including India. With wide ranging financial products for retail and business customers, ICICI Bank is leading the beacon of economic growth in India. The bank is also trying its best to make its presence felt in small towns and far flung areas.

ICICI Bank is listed in Bombay Stock Exchange and National Stock Exchange. Its share is considered as one of the most traded stocks on these two exchanges. ICICI Bank is also the first bank from Asia (barring Japan) to get listed in New York Stock Exchange (NYSE) through American Depository Receipts (ADR).

Chanda Kocher became the CEO of ICICI Bank after the retirement of K V Kamath. K V Kamath has recently been appointed as the Chairman of Infosys.