In 1955 ICICI was formed as an initiative of the World Bank. In the 1990s, ICICI transformed its business from a financial institution limited to development projects to a diversified financial services group. Ever progressing with the times, ICICI addressed a need to upgrade its corporate structure to that of universal banking.
The merger of ICICI with ICICI bank seemed like a natural step in line with its newly adopted universal outlook. This would enhance value for ICICI shareholders with low-cost deposits, increased fee-based income, participation in the payment system and transaction banking services. It would also greatly benefit ICICI Bank shareholders through a large capital base and scale of operations, access to corporate relationships built over five decades, new business segments and more