ICICI Bank was established by the Industrial Credit and Investment Corporation of India (ICICI), an Indian financial organization, as an entirely owned subsidiary in 1994 in Vadodara. The parent company was formed in 1955 as a joint-venture of the globe Bank, India’s public-sector banks and public-sector insurance companies to produce project financing to Indian industry.[13][14] The bank was founded because the Industrial Credit and Investment Corporation of India Bank, before it changed its name to ICICI Bank. The parent company was later merged with the bank.