Case Study/Research Paper of Mergers Icici and Icici Bank
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MERGER DEAl:
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icici with icici bank merger
For Mergers and Acquisitions in the BANKING SECTOR
AAKANKSHA KUMAR
* EXECUTIVE SUMMARY
ICICI-
Industrial Credit and Investment Corporation of India Limited (ICICI) was founded by the World Bank, the Government of India and representatives of private industry on 5 January, 1995. The objective was to encourage and assist industrial development and investment in India. Over the years, ICICI has evolved into a diversified financial institution. ICICI’s principal business activities include project finance, infrastructure finance, corporate finance, securitization, leasing, deferred credit, consultancy services and custodial services. It has set up specialised subsidiaries in the areas of commercial banking, investment banking, non banking finance, investor servicing broking, venture capital finance and state level infrastructure financing from where the group draws its strength.
ICICI BANK-
ICICI Bank was set up by the ICICI group as a commercial banking outfit on 5 January, 1994 and received its banking license from the RBI on 17 May, 1994. The first branch of ICICI Bank was started in Chennai in June 1994 and by 31 March, 1999 and before the merger it had 64 branches across the country. From the beginning the branches were fully computerised with state-of-the-art technology and systems and networked through VSAT technology. It offered a wide spectrum of domestic and international banking services to facilitate trade, investment, cross-border business and treasury and foreign exchange services. This is in addition to a whole range of deposit services offered to individuals and corporate bodies. ICICI Bank’s ‘Infinity’ was the first Internet banking service in the country. Currently the Bank has around 350000 customers.
* ABOUT
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MERGER DEAl:
-------------------------------------------------
icici with icici bank merger
For Mergers and Acquisitions in the BANKING SECTOR
AAKANKSHA KUMAR
* EXECUTIVE SUMMARY
ICICI-
Industrial Credit and Investment Corporation of India Limited (ICICI) was founded by the World Bank, the Government of India and representatives of private industry on 5 January, 1995. The objective was to encourage and assist industrial development and investment in India. Over the years, ICICI has evolved into a diversified financial institution. ICICI’s principal business activities include project finance, infrastructure finance, corporate finance, securitization, leasing, deferred credit, consultancy services and custodial services. It has set up specialised subsidiaries in the areas of commercial banking, investment banking, non banking finance, investor servicing broking, venture capital finance and state level infrastructure financing from where the group draws its strength.
ICICI BANK-
ICICI Bank was set up by the ICICI group as a commercial banking outfit on 5 January, 1994 and received its banking license from the RBI on 17 May, 1994. The first branch of ICICI Bank was started in Chennai in June 1994 and by 31 March, 1999 and before the merger it had 64 branches across the country. From the beginning the branches were fully computerised with state-of-the-art technology and systems and networked through VSAT technology. It offered a wide spectrum of domestic and international banking services to facilitate trade, investment, cross-border business and treasury and foreign exchange services. This is in addition to a whole range of deposit services offered to individuals and corporate bodies. ICICI Bank’s ‘Infinity’ was the first Internet banking service in the country. Currently the Bank has around 350000 customers.
* ABOUT
Bibliography: * www.google.com * www.economictimes.com