ICICI Bank 2006 Annual Report Download - page 10

9
Annual Report 2005-2006
As approved by the Central Government vide letter
dated June 16, 2006 under Section 212(8) of the
Companies Act, 1956, copies of the balance sheet,
profit & loss account, report of the board of
directors and report of the auditors of each of the
subsidiary companies have not been attached to
the accounts of the Bank for fiscal 2006. The Bank
will make available these documents/details upon
request by any Member of the Bank. These
documents/details will be available on the Bank’s
website www.icicibank.com and will also be
available for inspection by any Member of the Bank
at its Registered Office and Corporate Office and
also at the registered offices of the concerned
subsidiaries. As required by Accounting Standard-
21 (AS-21) issued by the Institute of Chartered
Accountants of India, the Bank’s consolidated
financial statements included in this Annual Report
incorporate the accounts of its subsidiaries. A
summary of key financials of the Bank’s
subsidiaries is also included in this Annual Report.
DIRECTORS
Pursuant to the provisions of Section 10A(2A) of
the Banking Regulation Act, 1949, Uday M. Chitale and Somesh R. Sathe retired from the Board effective
August 21, 2005 and January 29, 2006, respectively, on completion of eight years as non-wholetime
directors of the Bank. The Board places on record its appreciation of the valuable contribution made by
them to the Bank’s growth and development.
The Board, at its Meeting held on October 13, 2005, appointed R. K. Joshi, Chairman-cum-Managing
Director, General Insurance Corporation of India as an additional Director of the Bank. The Board at its
Meeting held on January 20, 2006 appointed Narendra Murkumbi, founder Managing Director, Shree
Renuka Sugars Limited as an additional Director of the Bank. R. K. Joshi and Narendra Murkumbi hold
office up to the date of the forthcoming Annual General Meeting (AGM) but are eligible for appointment.
Cash Management
ICICI Bank offers a complete
range of highly customised
solutions for managing both the
collections and payments
requirements of clients by
leveraging technology. Daily
customised transaction reports
and real time web-enabled
downloads, provide on-tap
information facilitating effective
working capital management.
SME Services
ICICI Bank offers the SME segment
end-to-end solutions that simplify
and speed up business. These
solutions span a gamut of services,
comprising credit solutions like term
loans, working capital (fund based
and non-fund based), transaction
banking solutions like cash
management services, trade finance
and forex services, investment
services and risk management
solutions like derivatives.
Corporate Banking
ICICI Bank offers
comprehensive and
customised financial solutions
for its corporate clients,
including rupee and foreign
currency debts, working
capital credit, structured
financing syndication and
transaction banking products
and services.
Treasury Solutions
ICICI bank’s vision of being the leading
provider of risk and market solutions is
articulated and delivered through the Global
Markets Group, ICICI Bank’s client-centric
treasury. The Bank delivers innovative, cost
effective products to its clients in India and
other geographies. It has a significant share
of the risk solutions market (forex, fixed
income and derivatives) in India on account
of its franchise, ability to understand the
client’s business and its capability to
structure solutions to complex problems on
a strategic as well as a transactional plane.
Lalita D. Gupte Joint Managing Director
“If fiscal 2005 saw the Bank take its first steps to
becoming an international bank, fiscal 2006 was
the year where this transformation was most
visible. We leveraged our international branches
and subsidiaries to the maximum, continuing to
build our customer base amongst the NRIs while
adding a significant number of local customers as
well. What’s more, this growth in customer
numbers came as we continued to maintain and
even better the levels of service quality.”