ICICI Bank 2010 Annual Report Download - page 11

Download and view the complete annual report

Please find page 11 of the 2010 ICICI Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 196

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196

MERGER OF THE BANK OF RAJASTHAN LIMITED WITH
ICICI BANK
The Board of Directors of ICICI Bank and the Board of Directors of The Bank
of Rajasthan Limited (Bank of Rajasthan) at their respective Meetings held on
May 23, 2010, approved the scheme of amalgamation of Bank of Rajasthan
with ICICI Bank. The amalgamation is subject to approval of RBI and Members
of both the Banks. Approval of the Members of ICICI Bank is being sought at
an extraordinary general meeting scheduled on June 21, 2010.
The proposed amalgamation would substantially enhance ICICI Bank’s
branch network, already the largest among Indian private sector banks,
and especially strengthen its presence in northern and western India. It
would combine Bank of Rajasthan’s branch franchise with ICICI Bank’s
strong capital base, to enhance the ability of the merged entity to capitalise
on the growth opportunities in the Indian economy.
About Bank of Rajasthan
Bank of Rajasthan is a listed old Indian private sector bank with its corporate
office at Mumbai in Maharashtra and registered office at Udaipur in
Rajasthan. At March 31, 2009, Bank of Rajasthan had 463 branches and 111
ATMs, total assets of Rs. 172.24 billion, deposits of Rs. 151.87 billion and
advances of Rs. 77.81 billion. It made a net profit of Rs. 1.18 billion in fiscal
2009 and a net loss of Rs. 0.10 billion in the nine months ended December
31, 2009. Around 40% of the branches of the Bank of Rajasthan are located
in rural and semi-urban areas.
SUBSIDIARY COMPANIES
At March 31, 2010, ICICI Bank had 17 subsidiaries as listed in the following
table:
Domestic Subsidiaries International Subsidiaries
ICICI Prudential Life Insurance
Company Limited
ICICI Bank UK PLC
ICICI Lombard General Insurance
Company Limited
ICICI Bank Canada
ICICI Prudential Asset Management
Company Limited
ICICI Bank Eurasia Limited
Liability Company
ICICI Prudential Trust Limited ICICI Securities Holdings Inc.2
ICICI Securities Limited ICICI Securities Inc.3
ICICI Securities Primary Dealership
Limited
ICICI International Limited
ICICI Venture Funds Management
Company Limited
ICICI Home Finance Company Limited
ICICI Investment Management
Company Limited
ICICI Trusteeship Services Limited
ICICI Prudential Pension Funds
Management Company Limited1
1. Subsidiary of ICICI Prudential Life Insurance Company Limited.
2. Subsidiary of ICICI Securities Limited.
3. Subsidiary of ICICI Securities Holdings Inc.
khayaal aapka
“Corporate sector activity in
India has mirrored the renewed
growth momentum and
confidence in our economy.
Indian corporates are now not
only looking at significantly
expanding their domestic
operations but are also
again exploring acquisition
opportunities to establish
themselves as large international
players. Simultaneously there
is a systemic emphasis on
facilitating investments across
all areas of infrastructure
development. We believe that
this momentum will continue
to create significant growth
opportunities for the banking
system. As a multi-specialist
financial institution, we
believe that we are very well
placed to capitalise on these
opportunities.“
- Sandeep Bakhshi
Deputy Managing Director