HISTORY OF ICICI

1955:

The Industrial Credit and Investment Corporation of India Limited (ICICI) incorporated at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution for providing medium-term and long-term project financing to Indian businesses. Mr.A.Ramaswami Mudaliar elected as the first Chairman of ICICI Limited.

ICICI emerges as the major source of foreign currency loans to Indian industry. Besides funding from the World Bank and other multi-lateral agencies, ICICI was also among the first Indian companies to raise funds from international markets.

1956:

ICICI declared its first dividend of 3.5%.

1958:

Mr.G.L.Mehta appointed the second Chairman of ICICI Ltd.

1960:

ICICI building at 163, Backbay Reclamation, inaugurated.

1961:

The first West German loan of DM 5 million from Kredianstalt obtained.

1967:

ICICI made its first debenture issue for Rs.6 crore, which was oversubscribed.

1969:

The first two regional offices in Calcutta and Madras set up.

1972:

The second entity in India to set up merchant banking services.

Mr. H. T. Parekh appointed the third Chairman of ICICI.

1977:

ICICI sponsored the formation of Housing Development Finance Corporation. Managed its first equity public issue

1978:

Mr. James Raj appointed the fourth Chairman of ICICI.

1979:

Mr.Siddharth Mehta appointed the fifth Chairman of ICICI.

1982:

ICICI became the first ever Indian borrower to raise European Currency Units.

ICICI commences leasing business.

1984:

Mr. S. Nadkarni appointed the sixth Chairman of ICICI.

1985:

Mr. N.Vaghul appointed the seventh Chairman and Managing Director of ICICI.

1986:

ICICI became the first Indian institution to receive ADB Loans.

ICICI, along with UTI, set up Credit Rating Information Services of India Limited, India's first professional credit rating agency.

ICICI promotes Shipping Credit and Investment Company of India Limited.

1987:

The Corporation made a public issue of Swiss Franc 75 million in Switzerland, the first public issue by any Indian entity in the Swiss Capital Market.

1988:

ICICI signed a loan agreement for Sterling Pound 10 million with Commonwealth Development Corporation (CDC), the first loan by CDC for financing projects in India.

1993:

Promoted TDICI - India's first venture capital company.

1994:

ICICI Securities and Finance Company Limited in joint venture with J. P. Morgan set up.

1996:

ICICI Asset Management Company set up.

ICICI Bank set up.

ICICI Ltd became the first company in the Indian financial sector to raise GDR.

1997:

SCICI merged with ICICI Ltd.

Mr. K.V.Kamath appointed the Managing Director and CEO of ICICI Ltd.

ICICI Ltd was the first intermediary to move away from single prime rate to three-tier prime rates structure and introduced yield-curve based pricing.

1998:

The name The Industrial Credit and Investment Corporation of India Ltd changed to ICICI Ltd.

ICICI Ltd announced the takeover of ITC Classic Finance.

1999:

Introduced the new logo symbolising a common corporate identity for the ICICI Group.

ICICI announced takeover of Anagram Finance.

2000:

ICICI launched retail finance - car loans, house loans and loans for consumer durables.

ICICI becomes the first Indian Company to list on the NYSE through an issue of American Depositary Shares.

2001:

ICICI Bank became the first commercial bank from India to list its stock on NYSE.

ICICI Bank announces merger with Bank of Madura.

The Boards of ICICI Ltd and ICICI Bank approved the merger of ICICI with ICICI Bank. 2002: ICICI Ltd merged with ICICI Bank Ltd to create India's second largest bank in terms of assets.

ICICI assigned higher than sovereign rating by Moody's. : ICICI Bank launched India's first CDO (Collateralised Debt Obligation) Fund named Indian Corporate Collateralised Debt Obligation Fund (ICCDO Fund).

"E Lobby", a self-service banking centre inaugurated in Pune. It was the first of its kind in India.

ICICI Bank launched Private Banking.

1100-seat Call Centre set up in Hyderabad

ICICI Bank Home Shoppe, the first-ever permanent aggregation and display of housing projects in the county, launched in Pune,

ATM-on-Wheels, India's first mobile ATM, launched in Mumbai.

2003:

The first Integrated Currency Management Centre launched in Pune.

ICICI Bank announced the setting up of its first ever offshore branch in Singapore.

The first offshore banking unit (OBU) at Seepz Special Economic Zone, Mumbai, launched.

ICICI Bank's representative office inaugurated in Dubai.

Representative office set up in China.

ICICI Bank's UK subsidiary launched.

India's first ever "Visa Mini Credit Card", a 43% smaller credit card in dimensions launched.

ICICI Bank subsidiary set up in Canada.

Temasek Holdings acquired 5.2% stake in ICICI Bank.

ICICI Bank became the market leader in retail credit in India.

2004:

Max Money, a home loan product that offers the dual benefit of higher eligibility and affordability to a customer, introduced.

Mobile banking service in India launched in association with Reliance Infocomm.

India's first multi-branded credit card with HPCL and Airtel launched.

Kisaan Loan Card and innovative, low-cost ATMs in rural India launched.

2005:

ICICI Bank and CNBC TV 18 announced India's first ever awards recognising the achievements of SMEs, a pioneering initiative to encourage the contribution of Small and Medium Enterprises to the growth of Indian economy.

ICICI Bank opened its 500th branch in India.

ICICI Bank introduced partnership model wherein ICICI Bank would forge an alliance with existing micro finance institutions (MFIs). The MFI would undertake the promotional role of identifying, training and promoting the micro-finance clients and ICICI Bank would finance the clients directly on the recommendation of the MFI.

ICICI Bank introduced 8-8 Banking wherein all the branches of the Bank would remain open from 8a.m. to 8 p.m. from Monday to Saturday.

ICICI Bank introduced the concept of floating rate for home loans in India.

First rural branch and ATM launched in Uttar Pradesh at Delpandarwa, Hardoi.

"Free for Life" credit cards launched wherein annual fees of all ICICI Bank Credit Cards were waived off.

ICICI Bank and Visa jointly launched mChq – a revolutionary credit card on the mobile phone.

Private Banking Masters 2005, a nationwide Golf tournament for high networth clients of the private banking division launched. This event is the largest domestic invitation amateur golf event conducted in India.

First Indian company to make a simultaneous equity offering of $1.8 billion in India, the United States and Japan.

Acquired IvestitsionnoKreditny Bank of Russia.

ICICI Bank became the largest bank in India in terms of its market capitalisation.

2006:

ICICI Bank became the first private entity in India to offer a discount to retail investors for its follow-up offer.

ICICI Bank became the first Indian bank to issue hybrid Tier-1 perpetual debt in the international markets.

ICICI Bank subsidiary set up in Russia.

2007:

Introduced a new product - 'NRI smart save Deposits' – a unique fixed deposit scheme for nonresident Indians.

Representative offices opened in Thailand, Indonesia and Malaysia.

ICICI Bank became the largest retail player in the market to introduce a biometric enabled smart card that allow banking transactions to be conducted on the field. A low-cost solution, this became an effective delivery option for ICICI Bank's micro finance institution partners.

Financial counseling centre Disha launched. Disha provides free credit counseling, financial planning and debt management services.

Bhoomi puja conducted for a regional hub in Hyderabad, Andhra Pradesh.

ICICI Bank's USD 2 billion 3-tranche international bond offering was the largest bond offering by an Indian bank.

Sangli Bank amalgamated with ICICI Bank.

ICICI Bank raised Rs 20,000 crore (approx $5 billion) from both domestic and international markets through a follow-on public offer.

ICICI Bank's GBP 350 million international bond offering marked the inaugural deal in the sterling market from an Indian issuer and also the largest deal in the sterling market from Asia.

Launched India's first ever jewellery card in association with jewelry major Gitanjali Group.

ICICI Bank became the first bank in India to launch a premium credit card -- The Visa Signature Credit Card.

Foundation stone laid for a regional hub in Gandhinagar, Gujarat.

Introduced SME Toolkit, an online resource centre, to help small and medium enterprises start, finance and grow their business.

ICICI Bank signed a multi-tranche dual currency US$ 1.5 billion syndication loan agreement in Singapore.

ICICI Bank became the first private bank in India to offer both floating and fixed rate on car loans, commercial vehicles loans, construction equipment loans and professional equipment loans.

In a first of its kind, nation wide initiative to attract bright graduate students to pursue a career in banking, ICICI Bank launched the "Probationary Officer Programme".

Launched Bank@home services for all savings and current a/c customers residing in India

ICICI Bank Eurasia LLC inaugurated its first branch at St Petersburg, Russia.

2008:

ICICI Bank enters US, launches its first branch in New York.

ICICI Bank enters Germany, opens its first branch in Frankfurt.

ICICI Bank launched iMobile, a breakthrough innovation in banking where practically all internet banking transactions can now be simply done on mobile phones.

ICICI Bank concluded India's largest ever securitisation transaction of a pool of retail loan assets aggregating to Rs. 48.96 billion (equivalent of USD 1.21 billion) in a multi-tranche issue backed by four different asset categories. It is also the largest deal in Asia (ex-Japan) in 2008 till date and the second largest deal in Asia (ex-Japan & Australia) since the beginning of 2007.