ICICI Bank 2007 Annual Report Download - page 11

9
Annual Report 2006-2007
MERGER OF THE SANGLI BANK LIMITED WITH ICICI BANK
The Board of Directors of ICICI Bank Limited and the Board of Directors of The Sangli Bank Limited (Sangli
Bank) at their respective meetings held on December 9, 2006, approved an all-stock amalgamation of
Sangli Bank with ICICI Bank. The amalgamation was subsequently approved by the Members of both
banks. RBI approved the scheme of amalgamation effective April 19, 2007.
With this amalgamation, ICICI Bank will be able to leverage Sangli Bank’s network of over 190 branches,
its existing customer base and the skills and experience of its employees across urban and rural centres.
The amalgamation will also provide new opportunities to Sangli Bank’s employees, and give its customers
access to ICICI Bank’s multi-channel network and wide range of products and services.
About Sangli Bank
Sangli Bank was an unlisted private sector bank headquartered at Sangli in the state of Maharashtra,
India. At March 31, 2006, Sangli Bank had deposits of Rs. 2,004 crore, advances of Rs. 888 crore, net NPA
ratio of 2.3% and capital adequacy of 1.6%. In the year ended March 31, 2006, it incurred a loss of Rs. 29
crore. Sangli Bank had 198 branches and extension counters, including 158 branches in Maharashtra and
31 branches in Karnataka. Approximately 50% of the total branches are located in rural and semi-urban
areas and 50% in metropolitan and urban centres. Sangli Bank had approximately 1,850 employees.
SUBSIDIARY COMPANIES
At March 31, 2007, ICICI Bank had 17 subsidiaries as listed below:
Domestic Subsidiaries International Subsidiaries
ICICI Securities Limited1ICICI Bank UK Plc.
ICICI Securities Primary Dealership Limited2ICICI Bank Canada
ICICI Prudential Life Insurance Company Limited ICICI Wealth Management Inc.3
ICICI Lombard General Insurance Company Limited ICICI Bank Eurasia Limited Liability Company
ICICI Prudential Asset Management Company Limited4ICICI Securities Holdings Inc.5
ICICI Prudential Trust Limited6ICICI Securities Inc.7
ICICI Venture Funds Management Company Limited ICICI International Limited
ICICI Home Finance Company Limited
ICICI Investment Management Company Limited
ICICI Trusteeship Services Limited
1. Formerly known as ICICI Brokerage Services Limited.
2. Formerly known as ICICI Securities Limited.
3. ICICI Wealth Management Inc. was incorporated as a subsidiary of ICICI Bank Canada in fiscal 2007. It has not yet been
capitalised and is yet to commence operations.
4. Formerly known as Prudential ICICI Asset Management Company Limited.
5. Subsidiary of ICICI Securities Limited.
6. Formerly known as Prudential ICICI Trust Limited.
7. Subsidiary of ICICI Securities Holdings Inc.
Chanda D. Kochhar Deputy Managing Director
“The last fiscal saw a significant scale-up of our international operations and
expansion of our global footprint to 18 countries. We are now a preferred
international bank, offering best-in-class products to Indian corporates
going global and the Indian diaspora by leveraging our international
presence and strong technological capabilities. Our products and services
for the NRIs were supplemented by offerings to the local customers,
furthering our transformation into a global bank. Indian corporates are
today undertaking large projects, big-ticket overseas acquisitions and
raising huge capital from international markets. Our corporate banking
strategy takes a unified global view of our clients and offers them a
comprehensive suite of commercial and investment banking products
apart from the working capital loans and project finance.”