ICICI Bank

The Industrial Credit and Investment Corporation of India (ICICI) was a government institution established on 5 January 1955 and Sir Arcot Ramasamy Mudaliar was elected as the first Chairman of ICICI Ltd. It was structured as a joint-venture of the World Bank, India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry. ICICI Bank was established by ICICI as a wholly owned subsidiary in 1994 in Vadodara.

And in October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger of parent ICICI Ltd. into its subsidiary ICICI Bank led to privatization.

In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group, offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. ICICI Bank launched Internet Banking operations in 1998.

ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in 1998, followed by an equity offering in the form of American depositary receipts on the NYSE in 2000. ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001 and sold additional stakes to institutional investors during 2001–02. In 1999, ICICI become the first Indian company and the first bank or a financial institution from non-Japan Asia to be listed on the NYSE.

ICICI, ICICI Bank, and ICICI subsidiaries ICICI Personal Financial Services Limited and ICICI Capital Services Limited merged in a reverse merger in 2002. During the 2008 financial crisis, customers rushed to ICICI ATMs and branches in some locations due to rumours of bank failure. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumours.

By March 2018, ICICI bank was the country's largest private sector bank with consolidated asset of Rs. 11,24,281 crore.

In March 2020, the board of ICICI Bank Ltd. approved an investment of ₹10 billion (US$100 million) in Yes Bank, resulting in a 5% ownership interest in Yes Bank.

ICICI Prudential Life Insurance

ICICI Prudential Life Insurance is a joint-venture between ICICI bank and Prudential Corporation Holdings Limited, and are involved in insurance and asset management business. It is one of the first private sector life insurance companies and commenced operations in 2001.

ICICI Lombard

ICICI Lombard is a private sector non-life insurance company in India.

ICICI Prudential Mutual Fund

ICICI Prudential Mutual Fund is a private-sector fund house, with funds in equities, debt, hybrid and other categories.

ICICI Securities

ICICI Securities Limited was established in March 1995 as a wholly-owned subsidiary of ICICI Bank. The company provides services in equity and derivatives trading, as well as research related to stock and commodity markets. Its retail broking platform is called ICICI Direct.

1996: ICICI Ltd. A financial institution with headquarters in Mumbai

1997: ITC Classic Finance. Incorporated in 1986, ITC Classic was a non-bank financial firm that engaged in hire, purchase and leasing operations. At the time of being acquired, ITC Classic had eight offices, 26 outlets and 700 brokers.

1997: SCICI (Shipping Credit and Investment Corporation of India)

1998: Anagram (ENAGRAM) Finance. Anagram had a network of some 50 branches in Gujarat, Rajasthan, and Maharashtra that were primarily engaged in the retail financing of cars and trucks. It also had some 250,000 depositors.

Chanda Kochhar fraud case

On 4 October 2018, Chanda Kochhar stepped down as MD and CEO of ICICI Bank following allegations of corruption. In January 2019, based on the report of an enquiry panel headed by Justice Srikrishna, the bank board terminated her employment, and asked for a claw back of bonuses and benefits. In 2020, the Enforcement Directorate provisionally seized assets and shares belonging to Chanda Kochhar worth more than ₹78 crore (US$11.08 million), in relation to the ICICI bank loan case.