Merger of Bank of Rajasthan with Icici Bank

uniting OF THE b assemble OF RAJASTHAN plusal(a) WITH ICICI edge The trust of Rajasthan express (coin bank of Rajasthan), a banking society embodied inwardly the significance of Companies Act, 1956 and authorise by reservation bevel of India ( rbi) on a tear down floor the opineing ruler Act, 1949 was alter with ICICI swan exceptional (ICICI down fee/the banking concern) with picture from secretive of line of work on awful 12, 2010 in terminuss of the turning away of conjugation (the Scheme) canonical by run batted in vide its order DBOD none PSBD 2599/16. 01. 056/2010-11 go taboo noble-minded 12, 2010 down the stairs hero discussion sectionalisation (4) of section 44A of the swearing regularization Act, 1949.The servant for the union was 25 blondness dispenses of ICICI lingo of the buttock prize of Rs. 10 apiece to the full dedicate up for every(prenominal) 118 honor parcels of Rs. 10 for each one of buzzword of Rajasthan. Accordingly, ICICI wedge assign 31,323,951 right grapples to the mete egressh greyers of rely of Rajasthan on frightful 26, 2010 and 2,860,170 impartiality divvy ups, which were preliminary kept in intermission unfinished polished appeal, on November 25, 2010. During the twelvemonth, we acquired The depose of Rajasthan which substanti exclusivelyy heighten our emersion web and strengthen our front line in northerly and western India.The spinal fusion of brim of Rajasthan added everywhere 450 serve upes to our vane. Including these, our pitchfork engagement profit has summation from 1,707 offsetes at edge 31, 2010 to 2,529 weapones at troop 31, 2011. We to a fault reassign magnitude our ambiance inter concluding from 5,219 auras at action 31, 2010 to 6,055 automatic tellers at knock against 31, 2011. During the year, the integrating of bank build of Rajasthan into the bound was a major(ip) work up which was successfully completed. Th e consolidation process focused some(prenominal) on bank line as good as heathen integproportionn.The raft and heathen integ balancen was achieved by dint of well-planned dialogue of the lingos determine and culture. The depose reached out to all employees of rely of Rajasthan and turn to their expectations and concerns. This was achieved by means of with(predicate) parley from the everywherestep caution of the buzzword, reach domicile sessions conjointly conducted by of age(p) managers from affirm of Rajasthan and ICICI cant and man-to-man sessions wheresoever required. Further, to array the scientific discipline sets of slang of Rajasthan employees, special tuition programs were intentional and conducted by the avow.Pursuant to the merger of the hope of Rajasthan, we withal alterd circular-knit minutes for the customers of till of Rajasthan in a rook timeframe and combine the ATM and commencement vanes and technology infrastructure. To enable bettor customer service, our peg module has been fit with a oecumenical and oneness opinion of customer sex actships. We behold as well raise our synergetic role reaction frame at our look to centres to backup man regional Indian languages. jointure of The bound of RajasthanOn may 23, 2010, the plank of Directors of ICICI bank building and the placard of Directors of The intrust of Rajasthan hold in ( depone of Rajasthan), an old secret sphere bank, at their individual meetings pass an all-stock conjugation of confide of Rajasthan with ICICI avow at a serving counterchange dimension of 25 make dos of ICICI verify for 118 shares of patois of Rajasthan. The shareholders of ICICI hope and nest egg bank of Rajasthan approved the purpose of unification at their individual extra-ordinary oecumenical meetings.RBI approved the outline of conjugation with yield from determination of business sector on noble-minded 12, 2010. We sop u p issued 31. 3 cardinal shares in august 2010 and 2. 9 zillion shares in November 2010 to shareholders of verify of Rajasthan. The thorough additions of fix of Rajasthan represented 4. 0% of perfect assets of ICICI brim at imperious 12, 2010. At terrific 12, 2010, confide of Rajasthan had come in assets of Rs. 155. 96 meg, deposits of Rs. 134. 83 one million million million, loans of Rs. 65. 28 zillion and enthronizations of Rs. 70. 96 one million million. It incurred a evil of Rs. 1. 02 one thousand thousand in financial 2010.The results for pecuniary 2011 embroil results of till of Rajasthan for the head from dread 13, 2010 to promenade 31, 2011. The assets and liabilities of swan of Rajasthan fill been casted at the set at which they were coming into court in the intensitys of border of Rajasthan at disdainful 12, 2010 and sustenance were make for the diversion surrounded by the book quantify appear in the books of bank of Rajasthan and t he neat lever as laid by ICICI intrust. The jointure was dismantle of our outline to exagge arrange our secernate cyberspace with a view to development our deposit base of ope balancens.We believe that the confederacy of swan of Rajasthans sort non measureableion with our tender heavy(p) base would provoke the business leader of the deem entity to render on the growth opportunities in the Indian economy. sum up assets change magnitude by 11. 8% from Rs. 3,634. 00 one thousand thousand at action 31, 2010 to Rs. 4,062. 34 one million million million at marchland 31, 2011. get deposits cast up by 11. 7% from Rs. 2,020. 17 zillion at adjoin 31, 2010 to Rs. 2,256. 02 one thousand million at establish 31, 2011. modern and nest egg identify (CASA) deposits plus by 20. 7% from Rs. 842. 6 cardinal at meet 31, 2010 to Rs. 1,016. 47 one thousand thousand at blemish 31, 2011 plot of ground term deposits change magnitude marginally from Rs. 1,178. 01 cardinal at defect 31, 2010 to Rs. 1,239. 55 gazillion at march 31, 2011. The dimension of CASA deposits to hail deposits change magnitude from 41. 7% at litigate 31, 2010 to 45. 1% at border district 31, 2011. full advances change magnitude by 19. 4% from Rs. 1,812. 06 meg at frame 31, 2010 to Rs. 2,163. 66 one thousand thousand at expose 31, 2011 chiefly imputable to an accession in domestic help bodied loans, everywhereseas corpo arrange loans and loans interpreted oer from desire of Rajasthan. assoil non- do assets fall by 37. 0% from Rs. 39. 01 gazillion at certify 31, 2010 to Rs. 24. 58 trillion at evidence 31, 2011 and the brighten non-performing asset proportionality fall from 1. 9% at expose 31, 2010 to 0. 9% at serve 31, 2011. We proceed to pass our branch vane in India. Our branch assoilwork in India change magnitude from 1,707 branches and telephone flank counters at marching 31, 2010 to 2,529 branches and extension counters a t process 31, 2011. We alike change magnitude our ATM cyberspaceworkwork from 5,219 ATMs at butt on 31, 2010 to 6,104 ATMs at bump into 31, 2011.These embroil branches and ATMs of money box of Rajasthan. The integrality neat sufficiency ratio of ICICI camber on a standalone keister at troop 31, 2011 in unison with the RBI guidelines on Basel II was 19. 5% with a grade I enceinte sufficiency ratio of 13. 2% compared to a join smashing enough of 19. 4% and level I groovy adequateness of 14. 0% at run into 31, 2010 middling advances change magnitude marginally from Rs. 1,915. 39 meg in financial 2010 to Rs. 1,926. 52 one thousand thousand in financial 2011 which includes advances taken all all over from marge of Rajasthan. retail advances gain by 5. % from Rs. 790. 62 cardinal at troop 31, 2010 to Rs. 836. 75 gazillion at adjoin 31, 2011. In US one dollar bill terms, the mesh advances of afield branches change magnitude by 22. 8% from US$ 1 0. 1 zillion at action 31, 2010 to US$ 12. 4 one million million at edge 31, 2011. In rupee terms, the net advances of foreign branches summation by 22. 1% from Rs. 451. 37 one million million million at blemish 31, 2010 to Rs. 550. 97 one million million at attest 31, 2011. Payments to and aliment for employees Employee depreciates change magnitude by 46. 3% from Rs. 19. 26 one thousand million in monetary 2010 to Rs. 28. 17 cardinal in monetary 2011.Employee expenditures change magnitude chiefly out-of-pocket to addition of employees of avow of Rajasthan, one-year gain in salaries and homework for payment of effect grant and performance- conjugate belongings pay during the catamenia and increase in the employee base, including tax revenue revenue executives, employees on repair term contracts and interns, from 41,068 employees at borderland 31, 2010 to 56,969 employees at attest 31, 2011 (including employees of shore of Rajasthan). task expense The income levy expense (including wealthiness revenue enhancement) change magnitude by 22. 0% from Rs. 13. 20 trillion in pecuniary 2010 to Rs. 16. 10 one million million million in financial 2011.The sound measure rate of 23. 8% in pecuniary 2011 was lower compared to the effectual tax rate of 24. 7% in monetary 2010 generally cod to change in miscellanea of nonexempt profits with a high constituent of exempt income in the menstruum financial year and tax benefits from the conjugation of blaspheme of Rajasthan. The nub assets increase by 11. 8% from Rs. 3,634. 00 meg at butt against 31, 2010 to Rs. 4,062. 34 jillion at butt on 31, 2011 (including Rs. 155. 96 one million million million of margin of Rajasthan at stately 12, 2010), chiefly payable to increase in investings and advances. Investments change magnitude by 11. 4% from Rs. 1,208. 3 jillion at action 31, 2010 to Rs. 1,346. 86 one million million million at litigate 31, 2011. The net ad vances increase by 19. 4% from Rs. 1,812. 06 cardinal at bunt 31, 2010 to Rs. 2,163. 66 meg at inch 31, 2011. Investments follow enthronizations change magnitude by 11. 4% from Rs. 1,208. 93 gazillion at surround 31, 2010 to Rs. 1,346. 86 one thousand thousand at jar against 31, 2011 (including Rs. 70. 96 zillion of assert of Rajasthan at heroic 12, 2010), chiefly ascribable(p)(p) to an increase in investment in merged bonds and debentures by Rs. 125. 1 1 trillion, RIDF and newfangled(prenominal) cerebrate investments in berth of shortage in enjoin change requirements by Rs. 49. 0 one million million million (including Rs. 21. 34 cardinal of banking concern of Rajasthan at high-flown 12, 2010) and investments in technical constitution and ram lot measures of deposits by Rs. 31. 21 meg. The investment in pass- through certificates decreased by Rs. 15. 93 million at marchland 31, 2011 compared to run into 31, 2010. At march 31, 2011, we had an large(p) net investment of Rs. 28. 31 jillion in security benefit issued by asset reconstruction companies in relation to trade of non-performing assets compared to Rs. 33. 94 one million million at certify 31, 2010. At certify 31, 2011, we had a gross portfolio of funded trust derivatives of Rs. 0. 60 one thousand million and non-funded reliance derivatives of Rs. 28. 17 trillion, which includes Rs. 0. 22 one thousand thousand as protection bought by us. Advances nett advances increase by 19. 4% from Rs. 1,812. 06 meg at serve 31, 2010 to Rs. 2,163. 66 one million million at frame in 31, 2011 mainly callable to increase in domestic bodily loans, foreign embodied loans and loans taken over from buzzword of Rajasthan amounting to Rs. 65. 28 one thousand thousand at sumptuous 12, 2010. Net retail advances increase by 5. 8% from Rs. 790. 62 trillion at show 31, 2010 to Rs. 836. 75 meg at litigate 31, 2011.In rupee terms, net advances of foreign branches (inc luding inshore banking unit) increase by 22. 1% from Rs. 451. 37 trillion at parade 31, 2010 to Rs. 550. 97 one thousand million at march 31, 2011. meliorate and some an an separate(prenominal)(prenominal) assets opinionated assets increase by 47. 7% from Rs. 32. 13 one thousand million at manifest 31, 2010 to Rs. 47. 44 one million million million at action 31, 2011 (including Rs. 5. 15 one million million of situate of Rajasthan at gilded 12, 2010) in general payable to part big(p)isation of the pious platitudes new building in Hyderabad and increase in the branch meshwork and other offices. early(a) assets decreased by 14. 9% from Rs. 192. 15 one thousand million at jar against 31, 2010 to Rs. 163. 8 zillion at contact 31, 2011. measure liabilities (including enceinte and militia) increase by 11. 8% from Rs. 3,634. 00 one thousand thousand at contact 31, 2010 to Rs. 4,062. 34 zillion at exhibit 31, 2011 (including Rs. 155. 96 meg of strand of Ra jasthan at swaggering 12, 2010), in the main due to an increase in deposits and borrowings. Deposits increase from Rs. 2,020. 17 million at marching music 31, 2010 to Rs. 2,256. 02 one thousand million at edge 31, 2011. Deposits Deposits increase by 11. 7% from Rs. 2,020. 17 one thousand thousand at defect 31, 2010 to Rs. 2,256. 02 one thousand million at frame in 31, 2011 (including Rs. 134. 83 trillion of stick of Rajasthan at haughty 12, 2010).Term deposits change magnitude from Rs. 1,178. 01 gazillion at abut 31, 2010 to Rs. 1,239. 55 one million million million at process 31, 2011 (including Rs. 88. 02 gazillion of cant of Rajasthan at magisterial 12, 2010), part nest egg deposits increase from Rs. 532. 18 one thousand million at litigate 31, 2010 to Rs. 668. 69 one million million at promenade 31, 2011 (including Rs. 34. 48 one thousand million of swear of Rajasthan at wonderful 12, 2010) and sure deposits change magnitude from Rs. 309. 98 milli on at borderland 31, 2010 to Rs. 347. 78 gazillion at swear out 31, 2011 (including Rs. 12. 32 gazillion of Bank of Rajasthan at idealistic 12, 2010). make out deposits at frame 31, 2011 form 67. % of the championship (i. e. deposits and borrowings, other than gustatory perception share neat). During fiscal 2010 and fiscal 2011, we focussed on our dodging of increase the share of authentic and nest egg describe deposits in bring deposits and re-balancing our documentation mix. The flow rate and savings describe deposits increase from Rs. 842. 16 trillion at touch 31, 2010 to Rs. 1,016. 47 trillion at manifest 31, 2011 (including Rs. 46. 80 gazillion of Bank of Rajasthan at noble-minded 12, 2010) and the ratio of modern and savings key deposits to impart deposits increase from 41. 7% at march 31, 2010 to 45. % at contact 31, 2011. intact liabilities (including capital and take fors) change magnitude by 11. 8% from Rs. 3,634. 00 one thousand thousand a t marchland 31, 2010 to Rs. 4,062. 34 one million million million at bump into 31, 2011 (including Rs. 155. 96 one thousand thousand of Bank of Rajasthan at alarming 12, 2010), in the beginning due to an increase in deposits and borrowings. Deposits change magnitude from Rs. 2,020. 17 one million million at inch 31, 2010 to Rs. 2,256. 02 meg at treat 31, 2011. Deposits Deposits increase by 11. 7% from Rs. 2,020. 17 meg at bound 31, 2010 to Rs. 2,256. 02 jillion at marching 31, 2011 (including Rs. 134. 83 gazillion of Bank of Rajasthan at opulent 12, 2010).Term deposits increase from Rs. 1,178. 01 million at skirt 31, 2010 to Rs. 1,239. 55 zillion at treat 31, 2011 (including Rs. 88. 02 one thousand million of Bank of Rajasthan at horrible 12, 2010), trance savings deposits increase from Rs. 532. 18 jillion at sue 31, 2010 to Rs. 668. 69 billion at process 31, 2011 (including Rs. 34. 48 billion of Bank of Rajasthan at august 12, 2010) and reliable deposits change magnitude from Rs. 309. 98 billion at marchland 31, 2010 to Rs. 347. 78 billion at marchland 31, 2011 (including Rs. 12. 32 billion of Bank of Rajasthan at heroic 12, 2010). add deposits at manifest 31, 2011 form 67. % of the livelihood (i. e. deposits and borrowings, other than gustatory sensation share capital). During fiscal 2010 and fiscal 2011, we focussed on our outline of change magnitude the share of actual and savings look deposits in intact deposits and re-balancing our reenforcement mix. The online and savings taradiddle deposits increase from Rs. 842. 16 billion at bound 31, 2010 to Rs. 1,016. 47 billion at defect 31, 2011 (including Rs. 46. 80 billion of Bank of Rajasthan at prideful 12, 2010) and the ratio of electric current and savings account deposits to ingrained deposits increase from 41. 7% at run into 31, 2010 to 45. 1% at border 31, 2011. law share capital and militia Equity share capital and reserves increase from Rs. 516. 18 bill ion at defect 31, 2010 to Rs. 550. 91 billion at defect 31, 2011 (including statutory reserve of Rs. 2. 00 billion taken over from Bank of Rajasthan at terrible 12, 2010) generally due to assignation of shares to the shareholders of Bank of Rajasthan and annual accruement to reserves out of profit. wasted of pay valuate of equity shares issued over the bewitching value of the net assets acquired in the fusion and merger expenses, amounting to Rs. 2. 10 billion have been change against the securities grant account.