The Industrial Credit and Investment Corporation of India (ICICI) , an Indian financial company, established ICICI Bank as a wholly owned subsidiary in 1994.

ICICI was formed in 1955 in a joint-venture that included the World Bank, Indian public-sector banks and Indian public-sector insurance companies.

The purpose of ICICI was to provide project financing to industries in India .

ICICI bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to the abbreviated ICICI Bank.

The parent company was later merged with the bank.

The text above is a summary, you can read full article here.