Company Overview
ICICI was established in 1955 through a collaboration between the World Bank, the Government of India, and Indian industry representatives. Its core mission was to function as a development financial institution, providing medium and long-term project financing to Indian businesses. For several decades, ICICI focused mainly on project finance, supporting industrial growth by funding various long-term ventures.
With the economic reforms of the 1990s, India’s financial sector underwent significant liberalization. ICICI responded by transforming itself from a development finance institution into a diversified financial services provider. It expanded its offerings through subsidiaries and group companies, providing a wide range of financial products and services to meet evolving market demands.
In 1994, ICICI Bank was incorporated as part of the ICICI Group to provide retail and corporate banking services. ICICI marked a major milestone in 1999 by becoming the first Indian company and the first Asian bank outside Japan to list on the New York Stock Exchange.
As the concept of universal banking gained prominence in India, ICICI saw the potential benefits of converting into a commercial bank—such as access to low-cost deposits and opportunities to earn fee-based income. The merger of ICICI with ICICI Bank was seen as the most strategic option for both entities, enabling scale, synergies, and a broader service portfolio.
In 2002, ICICI and its two retail finance subsidiaries merged with ICICI Bank, following approvals from shareholders, courts, and the Reserve Bank of India. This integration consolidated the group’s financial services under one entity, enhancing operational efficiency and customer reach.
Head Quarters: Mumbai, Maharastra
Managing Director: Mr. Sandeep Bakhshi