ICICI Bank 2014 Annual Report Download - page 11

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Directors’ Report
“During fiscal 2014,
we focused on
strengthening our core
franchise, even as we
carefully navigated the
challenging environment.
This twin approach has
resulted in sustained
improvements
across our operating
parameters. We believe
that given our sustained
improvements across
businesses, large
physical footprint,
continued technology-
based innovations,
talented team and strong
capital position, we
are ideally positioned
to participate in the
economic recovery
and keep delivering
sustainable and
profitable growth.”
N. S. KANNAN
Executive Director
SUBSIDIARY COMPANIES
At March 31, 2014, 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 fulfilment of certain conditions prescribed. Pursuant to the
requirements of the above Circular, the Board of Directors of the Bank
at its Meeting held on April 26, 2013 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 2013 as well as future financial years till such time
Annual Report 2013-2014 9