ICICI Bank got its name because it was established in 1994 as a subsidiary of the Industrial Credit and Investment Corporation of India. When first established, it was called the Industrial Credit and Investment Corporation Bank. The name was changed to the ICICI Bank, which is now its full name.
As of 2014, ICICI is the largest private sector bank and the second largest bank in India. Besides almost 4,000 branches in India, it has subsidiary offices in the United Kingdom, Russia and Canada. It also has branches in the United States, Singapore, Bahrain, Sri Lanka and the United Arab Emirates.
In 1955, the Industrial Credit and Investment Corporation was set up by the World Bank, public sector banks and insurance companies in India to finance Indian industry. In 1998, ICICI began Internet banking operations. In 1999, it became the first financial institution in non-Japanese Asia to be listed on the New York Stock Exchange.
Though it has received many banking awards, ICICI Bank was accused of using unscrupulous methods to obtain loan repayments soon after its rise to prominence. In 2013, it was investigated for money laundering, resulting in the suspension of a number of employees and further investigation by the government's central bank.