ICICI Bank Canada

ICICI Bank Canada
Subsidiary
Industry Financial services
Founded 2003
Key people
 Sriram H. Iyer, President and Chief Executive Officer
Parent ICICI Bank Limited
Website icicibank.ca

ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank Limited, India’s largest private sector bank. ICICI Bank Canada’s corporate office is located in Toronto, Ontario.

Established in December 2003, ICICI Bank Canada is a full-service direct bank with an asset base of about $6.7 billion as at December 31, 2015. It is governed by Canada’s Bank Act and operates under the supervision of the Office of the Superintendent of Financial Institutions. The bank has eight branches in Canada: one in Calgary, Alberta; one in Surrey, British Columbia; and six in the Greater Toronto Area, Ontario.

Products and Services

Personal financial services: Chequing and savings accounts; investment accounts including Guaranteed Investment Certificates, term deposits, Registered Education Savings Plans, Retirement Savings Plans and Tax-Free Savings Accounts; services including international money transfer, safety deposit boxes and sale of precious metals; credit services including credit cards, residential mortgages and secured lines of credit.

Financial services for newcomers from India: Hello Canada Account and Student GIC Program, allowing customers to open accounts from India.

Commercial and corporate financial services: Business chequing and savings accounts, investment accounts such as Guaranteed Investment Certificates, working capital, revolving credit facility, term loans, trade services, treasury products, commercial mortgages, foreign exchange products such as business FX remittance, spot transactions, interest rate and currency derivatives.

History

ICICI Bank Canada was established as a Schedule II bank Banking in Canada#Regulation. It was incorporated in November, and opened its head office and downtown Toronto branch in December.

The bank opened its Brampton branch in Ontario and launched an online banking platform.

ICICI Bank Canada launched its Financial Advisor Services channel and opened a branch in Scarborough, Ontario.

The bank opened its Mississauga branch in Ontario.

ICICI Bank Canada relocated its corporate office to the Don Valley Business Park in Toronto, Ontario. Three new branches opened in the same year: Don Valley Parkway in Ontario, Surrey in British Columbia and Calgary in Alberta.

The bank opened its second branch in Brampton, Ontario.

ICICI Bank Canada launched its Mortgage Broker Services Channel that services mortgage brokers in Alberta, British Columbia, Manitoba, Ontario and Saskatchewan.

The bank launched its Mobile Banking app.

Awards and Recognition

Canadian Helen Keller Centre Annual Award presented by the Canadian Helen Keller Centre for the bank’s support of the deaf-blind community.

Spirit of Diversity Award presented by the COSTI Immigrant Services for the bank’s outstanding commitment to COSTI, which provides newcomers with opportunities to secure meaningful employment.

Valentine Gala Corporate Award presented by the Canadian Foundation for Physically Disabled Persons for the bank’s contribution within that community.

Employment Equity Achievement Award for Improved Representation presented by the Government of Canada’s Ministry of Employment, Workforce Development and Labour recognizing the bank for achieving the highest increase in workforce representation for designated groups between 2010 and 2014.

Memberships

ICICI Bank Canada is a member of the Canadian Bankers Association (CBA), and registered with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all chartered banks in Canada. It is also a member of the following:

Key People

Sriram H. Iyer, President and Chief Executive Officer

See also

References

About ICICI Bank Limited: ICICI Bank Limited (NYSE:IBN) is India’s largest private sector bank with consolidated total assets of US$138.67 billion at March 31, 2016. Its subsidiaries include India's leading private sector insurance companies, securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 17 countries, including India.

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