ICICI Bank (ICICIBANK-BY)

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See all Bulls Reasons Bulls: Reasons To Buy Insurance, retail and commercial loans in India are a growing business 100% agree Insurance, retail and commercial loans in India are a growing business ICICI Bank offers numerous and diverse products and services in the areas of commercial banking to retail and corporate customers in India and nineteen foreign countries. A branch opened in New York City last week. ICICI offers treasury and investment banking and... read more View or Edit Reason 2 votes 100% agree "Insurance, retail and commercial loans in India are a growing business" 100% agree "Insurance, retail and commercial loans in India are a growing business" ICICI Bank offers numerous and diverse products and services in the areas of commercial banking to retail and corporate customers in India and nineteen foreign countries. A branch opened in New York City last week. ICICI offers treasury and investment banking and... read more View or Edit Reason 1 votes 100% agree Indian banking sector is about to take off 100% agree Indian banking sector is about to take off Indian banking sector is set to explode in next 5 years on the backing of increasing consumer base and industrial growth. ICICI bank is the best bet in this sector. This bank is in too lucrative a region, has too many good aspects to its story (especially moving ahead... read more View or Edit Reason 1 votes 100% agree See all Bears Reasons Bears: Reasons To Sell ICICI bank getting pummelled by the US economic conditions 100% agree ICICI bank getting pummelled by the US economic conditions The largest private bank in India, ICICI Bank (IBN) drank from the same well that many of the banks in the United States did and as a result the stock has taken a very hard hit since the start of this year, falling from over $72 in January to its current $17. ICICI... read more View or Edit Reason 1 votes 100% agree Send the authors a comment or suggestion I would really like to see some more financial information on this company. For banks it is nice ... more [Dismiss] [Done] See All Suggestions

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ICICI Bank is also traded on the NYSE with the ticker symbol IBN

Headquartered in Mumbai, India, ICICI Bank Limited (or ICICI) was formed in 1955 at the initiative of the World Bank, the government of India, and Indian industry representatives. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. Until the late 1980s, ICICI primarily focused its activities on project finance, providing long-term funds to a variety of industrial projects. With the liberalization of the financial sector in India in the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services provider that, along with its subsidiaries and other group companies, offers a wide variety of financial products and services.

Today, ICICI Bank is India's second-largest bank and largest private bank, with total assets of about Rs3,998 billion (US$93 billion) at March 31, 2008. ICICI Bank had a network of over 1,308 branches and extension counters (73% growth over prior year) and 3,950 ATMs at March 31, 2008 (23% growth over prior year). ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers. The bank has subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital, and asset management. ICICI Bank currently operates in 17 countries, including having subsidiaries in the United Kingdom and Canada, branches in Singapore and Bahrain, and representative offices in the United States, China, United Arab Emirates, Bangladesh, and South Africa. ICICI Bank's equity shares are listed in India on the Bombay Stock Exchange and the National Stock Exchange of India, Ltd, and its American Depository Shares (ADS) are listed on the New York Stock Exchange (NYSE).

The bank has three major business areas: Consumer and Commercial Banking (providing 56% of 2007 segment revenues), Insurance (24%), and Investment Banking (20%). ICICI Bank Limited's long-term credit ratings are Baa2 by Moody's and BBB- by Standard and Poor's. Key elements of ICICI's business strategy include: (1) maintaining and enhancing its strong retail and corporate franchise (2) building an international presence (3) strengthening its insurance business and (4) building a rural banking franchise. In this manner, ICICI hopes to enhance its position as a premier provider of banking and other financial services in India and to leverage its competencies in financial services and technology to develop an international business franchise.

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