Industrial Credit and Investment Corporation of India, commonly referred to as ICICI Bank, is an Indian financial services company. It is the second largest bank in India, with operations worldwide, and is headquartered in Mumbai. It is one of India’s ‘Big Four’ banks.
A globally-active company, ICICI was formed in 1994 as a wholly owned subsidiary of the Industrial and Investment Corporation of India, itself founded in 1955. Founded as the Industrial Credit and Investment Corporation of India Bank, the name was abbreviated to ICICI Bank; parent company and bank were later merged into a single entity.
Originally focused on the provision of project finance, the company diversified into a full-service financial services company in the 1990s. ICICI Bank has subsidiaries in Canada and the United Kingdom, and branches in the United States, Bahrain, Singapore, Sri Lanka, Hong Kong, Qatar, Dubai, Oman, China and South Africa. The bank also has offices in Bangladesh, Malaysia, Indonesia and the UAE.
The UK subsidiary was founded in 2003 and has its own branches in Germany and Belgium.
ICICI Bank Products and Services
Personal banking customers can choose from current or savings accounts designed to meet their banking needs in both the UK and India. Customers can deposit both their UK and Indian income into the same account if they wish.
The bank also works with partner organisations in India to help NRI (non-resident Indian) customers to make attractive property investments.
Business current account holders are given a dedicated relationship manager, who handles their specific goals and needs. All business customers are also given a savings account, where they can save up to £5million (interest is paid monthly). Foreign exchange services are available 24 hours Mon-Fri; customers can send up to 20,000 in GBP, EUR or USD.