ICICI Bank 2011 Annual Report Download - page 11

“Our strategy for fiscal 2011
was to pursue profitable
growth on the back of an
improved funding profile.
Accordingly, we articulated the
“5Cs” strategy for fiscal 2011
with sharp focus on Credit
growth, CASA mobilisation,
Cost optimisation, Credit
quality improvement and
Customer service. We have
made substantial progress
on all these parameters,
resulting in an improvement
in our Return on Assets (RoA)
and Return on Equity (RoE).
Going forward, our endeavour
will be to further build on the
growth momentum and to
continue our focus on the
5Cs. We are committed to
further expanding our RoA
and improving the RoE for our
shareholders.“
N. S. KANNAN
Executive Director and
Chief Financial Officer
MERGER OF THE BANK OF RAJASTHAN LIMITED WITH ICICI BANK
The Bank of Rajasthan Limited (Bank of Rajasthan), a banking company incorporated
within the meaning of Companies Act, 1956 and licensed by Reserve Bank of India
(RBI) under the Banking Regulation Act, 1949 was amalgamated with ICICI Bank
Limited (ICICI Bank/the Bank) with effect from close of business on August 12, 2010
in terms of the Scheme of Amalgamation (the Scheme) approved by RBI vide its
order DBOD No. PSBD 2599/16.01.056/2010-11 dated August 12, 2010 under sub
section (4) of section 44A of the Banking Regulation Act, 1949. The consideration
for the amalgamation was 25 equity shares of ICICI Bank of the face value of ` 10
each fully paid-up for every 118 equity shares of ` 10 each of Bank of Rajasthan.
Accordingly, ICICI Bank allotted 31,323,951 equity shares to the shareholders of
Bank of Rajasthan on August 26, 2010 and 2,860,170 equity shares, which were
earlier kept in abeyance pending civil appeal, on November 25, 2010.
SUBSIDIARY COMPANIES
At March 31, 2011, 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.
The Ministry of Corporate Affairs (MCA) vide its Circular No.51/12/2007-CL-III
dated February 8, 2011 has granted general exemption under Section 212(8) of
the Companies Act, 1956 to companies from attaching the accounts of their
subsidiaries in their annual reports subject to fulfillment of certain conditons
prescribed. The Board of Directors of the Bank at its Meeting held on April 28,
2011 noted the provisions of the circular of MCA and passed the necessary
resolution granting the requisite approvals for not attaching the balance sheet,
profit & loss account, report of the board of directors and report of the auditors of
each of the subsidiary companies to the accounts of the Bank for fiscal 2011. The
Annual Report 2010-2011 9