William ShakespeareS The Merchant Of Venice - Shylock Essays

William Shakespeare'S The Merchant Of Venice - Shylock Throughout the course of history, Jews have been relentlessly persecuted. The English are not an exception, since their history shows that the general English attitude towards Jews during the Elizabethan Era is anti-Semitic. This negative bias towards Jews is apparently clear in Elizabethan literature, including William Shakespeare's The Merchant of Venice. Shylock, the Jewish antagonist in Shakespeare's play, is stereotypically portrayed as a villain in accordance to popular prejudice. Thus, Shylock is labeled as a villain because he is a Jew. This misconception of Jews as being villainous in nature persisted well into the 20th century until the recent mass genocide of Jews in Hitler's Nazi Germany. This appalling incident is the marking point that sensitized the modern reader to Jewish sufferings. Thus, in the eyes of the modern reader, Shylock's characterization as a villain due to his religious convictions is refuted. Still, it is not only sympathy that deems Shylock as a hero bu t also the injustice he suffers in the hands of the Christian society which includes his converted daughter Jessica. Shylock's character is defended from its villainous interpretation upon two factors: ?the sociological, which exonerates Shylock on the basis of environmental pressures, and the racial, which assimilates him to the whole appalling history of anti-Semitism? (1). Based on the racial issue, Shylock's character is condemned because he is a Jew. Shylock's role as a villain in the play reflects the general racist prejudices against Jews. Therefore, from his first appearance, Shylock does not have a chance to appeal to the audience. Thus, to the modern reader, Shylock is a victim of injustice which is representative of his race. By understanding the history behind the creation of Shylock, his tribulations can be assimilated to the general Jewish suffering. Judaism has a long history of persecution. A brief historical analysis of Jewish and Christian relations in England reveals a general anti-Semitic attitude towards the outnumbered Jews. A drastic example of this negative feeling is King Edward the First's expulsion of the Jews in 1290 which staged a virtual mass deportation of Jews from England. For the next three hundred sixty six years, the Jewish population dramatically decreased to a few hundreds until the reinstatement of Jews back into England in 1656 by Oliver Cromwell. Still, anti-Semitic feelings were strong as illustrated by the popularity of William Shakespeare's The Merchant of Venice as well as Marlow's drama The Jew of Malta. Shakespeare, taking advantage of the public's anti-Jewish feelings, ?borrowed? ideas from his fellow playwright Marlow and designed the character of Shylock. This proved to be advantageous since the play achieved much success and Shakespeare was a major shareholder of his theatrical company (2). Sh akespeare's play was popular not only because it was a well written copyright infringement, but it gave the audience what they wanted. Another example of the popularity of Shakespeare's play due to its anti-Semitic undertones is the strong protests elicited by the Drury Lane theater when they failed to stage the play during the controversy over the Jew Bill (3). The Jewish Naturalization Bill, or Jew Bill, was simply ?a slight alteration in the requirements for how foreign Jews could become naturalized British subjects? (4). Even though the bill was a minor amendment, Englishmen were so adamantly obsessed with the idea of hating Jews that the Jew Bill was finally repealed. Thus, Shylock's character was created in an era where religious intolerance alienated Jews from the Christian commonwealth. Based on the sociological factor, Shylock is a sympathetic character because of the environmental pressures in the play. Antonio, Shylock's mortal enemy, is a prime example of the treatment that Shylock constantly receives in the Christian society of Venice. Antonio holds a personal vendetta towards Shylock simply because he is a Jew; ?He hath disgraced me?. thwarted my bargains, cooled my friends, heated mine enemies?and what's his reason? I am a Jew? (III.i. 97). Antonio also wrongs Shylock by hurling insults at him such as ?cutthroat dog?, ?misbeliever?, and even goes to the extent of spitting on him (I.iii. 35). This is the unfriendly environment that Shylock is staged in. He has no hope for reconciliation with the Christian community because they

Henry V and Leadership Essay Example

Henry V and Leadership Essay Example Henry V and Leadership Essay Henry V and Leadership Essay Deanna Cunningham Leaders in todays work environment are faced with challenges that are similar to challenges faced in the past. Although technology has caused our challenges to be on a broader scale they still represent the same issues that have been faced for years regarding confidence in leadership and how to foster leadership. While in battle Henry V gave his soldiers the freedom of choice to fight with him or if they had the desire to leave, they could. He would not consider them deserters. By doing this he won loyalty and devotion from his men. Henry used rhetoric skill to achieve this result. He did not want his men to leave due to his small army size but he made his men believe the small army size was more desirable. This type of rhetoric is unquestionably invaluable in the leadership role. As Gardner stated, Effective leaders heighten motivation and confidence-if diminished leaders have a hard time leading (p. Xv) The film ,Henry V, clearly show leadership development, has gutsy leadership, and shows the five exemplary practices of leadership. A leader needs to carry trust and credibility if he wants his followers to believe in him. Henry showed doodling the way by his behavior throughout the movie. Souses and Posses wrote, Model the way is when titles are granted but your behavior is what wins you respect. Be a good example-live what you say. People follow first the person, then the plan (p. 14). An example of how Henry V stood by his rules and consistency is when Parabola was to be hung for stealing. He remained strong to his values and had his friend hung. You could see by Henrys face this was painful for him but he wanted his men to see they could trust him to stand behind the principles set forth. In Leadership Engine Itchy mentions the need for edge. The king shows his edge by his decision. This example can be used in any workplace. When a manager is friends with an employee they could easily allow that employee to perform at a lower level and still be given the same high performance review that another employee who excels Is given. If other employees see this they would not trust that manager and then would not respect or follow that mangers lead. A manager needs to lead by example. The friend would need to be evaluated fairly and if necessary, let go. Current leaders must have their rules consistently applied for them to be credible ND see their visions realized. Henrys speech at Saint Crispin inspired vision to his followers. This follows Souses and Posers theory of inspiring vision. They wrote that dreams or vision Is the force that invents the future. Leaders have a desire to make something happen. Leaders have to enlist others In a common villous(p. 14). Leaders must see the big picture to have a vision of the future. A true leader wants to share the vision, not be self servant for their own goals. They must look at the good of the whole organization. Blanchard and Bowels wrote in Gung Ho-Gift of the Goose. This is cheering each other on. Wild geese fly thousands of miles each year and they do It by cheering on another every Inch of the way, honking encouragement. All leaders could learn a lot from this analogy. A leader cannot achieve great outcomes alone. It takes a team AT Delivers. A leader must provoke a goal Ana mission. Henry V used rhetoric in his Saint Crispin speech when he motivated his soldiers by appealing to their sense of honor. He states, They have come so far, how they can turn back now? His men, although feeling despair believed they needed to intention the fight because it is what was right to do and they believed it. In a work place great leaders have to make sure their employees know the goal. The leaders must practice good communication, they must make their employees feel like they are part of the team. Leaders and their followers need to look at the future and imagine things that can be and how to achieve them. One cannot continually look in the review mirror. If one spends so much time ruminating in the past they will never be able to prepare for the future. Many people will see the glass as half empty instead of half full. These people will find excuses and problems where others may find learning experiences. A comment I read once said that, The present is but an instant that separates yesterday from tomorrow. A leader needs to provide the focus of the direction they are heading, the goal that is set. A leader does not have to be born as a leader. Leaders can develop anytime in their lifetime. To become a leader one must be able to create a lasting influence in the minds of people and make them believe that whatever the leader is doing is for their benefit. Being a good manager does not make one a good leader. It has been said that managers deal in efficiency and leaders in effectiveness. A manager is happy that the work place is going smoothly. A leader wants things to change for the better. Henry the V was not born a leader. He developed his leadership over time. He learned leadership was about the we and us not the l. In his speech at Saint Crispin he constantly referred to we, us, our. Never Just himself. This is a sign oaf true leader. Leaders must be enablers to those followers around them. An example of this is when Henry V allowed York to lead the battle. He had faith in his ability to perform his feat. This is also an example that leadership can be displayed at all levels not just the top. In any organization leadership can be shared by many. Scheme (1992) wrote,the most salient aspect of future leadership will be that the desirable characteristics will not be present in a few people all the time, but rather will be present in many people some of the time. Souses and Posses wrote about a statement of Larry Boswell, CEO of Honeywell. Boswell answered to the question how one doing as a leader with is, How am I doing as a leader? The answer is how are the people you lead doing? (p. 1) A great leader will have the desire to make a difference. They will use their power to make that difference. Everyone has a natural attraction to power. One must remember that absolute power corrupts absolutely. Power can play into the human weakness. A great leader will not abuse their power. Although Henry V was a great leader his ego used his power to put his men a great risk continuing the war when they had so fewer men than the French. The fact that his men had such faith in his leadership they fought with such confidence they were able to win the battle. Any company can have this same type of environment. A leader can make their followers feel the desire to make certain choices that are not favorable to the mission and vision of their company. Even though the choices are not in line with the organizations mission positive outcomes can still be accomplished. In this case management would look favorably on the choices instead AT negatively. 10 De cutlets an organization needs to De In constant learning. Leader needs to have hope, optimism, and a sense of power. One can use rhetoric as Henry V did in his SST. Crispin speech to persuade those around them to follow the companys goals, mission and vision.

Trouble Sleeping Learn How Long Caffeine Stays in Your System

Trouble Sleeping Learn How Long Caffeine Stays in Your System SAT / ACT Prep Online Guides and Tips How long does caffeine stay in your system? What is the half-life of caffeine? How does caffeine half-life differ between individuals? In this quick guide, we'll go over how long caffeine stays in the average person's body, what factors impact how long you'll feel the effects of caffeine, and what you can do to combat the caffeine jitters. Ultimately, we'll help you answer the key question: how long does caffeine stay in your body? How Long Does Caffeine Stay in Your Body? The Average Person Caffeine is absorbed by the membranes of your body incredibly quickly. Once you take in caffeine, you'll feel its full effects within 15-45 minutes. After that, your liver will start breaking down the caffeine into caffeine metabolites, which you will eventually excrete in urine. In the average adult, the half-life of caffeine is about 5-6 hours. This means that once take a dose of caffeine, you'll break down about half of that caffeine after 5-6 hours. So if you take in 200 mg of caffeine at 9 am, you'll still have about 100 mg left in your body between 2 and 3 pm. How Long Does Caffeine Affect You Specifically? So now you know that the average person experiences a caffeine half-life of about 5-6 hours. But how long after drinking that cup of coffee or downing that Mountain Dew will you still be feeling a buzz? How long does caffeine stay in your body in particular? That depends on a few factors. Your Unique Metabolism Caffeine is processed and broken down by a set of enzymes in the liver. How much of that enzyme you produce is determined by genetics. This means that some people metabolize (or break down) caffeine extra-slowly, and some people break it down so quickly they barely feel the stimulating effects of caffeine. The only way to really know how you metabolize caffeine is to have some and see what happens. If you are hypersensitive to caffeine, even small doses (think half a cup of coffee) may give you the "coffee jitters"- which can include feelings of anxiety, restlessness, nausea, diarrhea, heart palpitations, and general discomfort. If you are hyposensitive, you won't feel much of a stimulating effect from caffeine at a normal dose, even if you've never had it before. Note also that pregnant women metabolize caffeine much more slowly, with an average caffeine half-life of up to eight hours. Size of Caffeine Dose Whatever caffeine half-life you have, the size of the dose you take will make a big difference in how long you still feel the impact of caffeine. If you drink one espresso shot (which has about 50-65 mg of caffeine) and your personal caffeine half-life is about five hours, you'll have a pretty negligible amount of caffeine in your system ten hours after ingestion. However, if you drink four eight-oz. cups of coffee in a row, taking in about 400 mg of caffeine, you'll still have 100 mg of caffeine in your system after 10 hours- enough to keep you pretty buzzed. Any amount of caffeine in your system about 50 mg may be enough for you to still feel some effects. (Or even less if you're hypersensitive!) Note too that different products have different caffeine dosages. Coffee has more caffeine than black tea, which has more caffeine than green tea. Additionally, not all coffee brewing methods make equally strong coffee. For example, drip coffee has more caffeine than instant coffee. Even coffee from the same shop may have different caffeine content on different days! Your Caffeine Tolerance The more often you consume caffeine, the more tolerant you become to its effects. Regular coffee drinkers need to drink more and more coffee over time to get the same stimulating effects from caffeine that they did initially. If you're a new coffee drinker, expect to feel the impact of caffeine much more strongly than if you're a coffee veteran. (If you are a big coffee drinker, keep in mind that super-high caffeine doses are toxic. Try to moderate your intake so that you aren't constantly taking bigger and bigger doses.) Other Drugs You Take Other substances that you take into your body can impact how you metabolize caffeine and change the half-life of caffeine in your own body. For example, hormonal birth control can slow down how quickly you process caffeine, making you more sensitive to its effects. By contrast, regular smokers have a caffeine half-life of about three hours, making them less sensitive to the effects of caffeine. Other drugs can also impact how you process caffeine, so look up how caffeine interacts with any prescription drugs or other substances you are taking. Can You Speed Up the Half-Life of Caffeine? Feeling the caffeine jitters? Are you anxious, panicked, or nauseated? Can you speed up your body's processing of caffeine to make yourself feel better? In short, not really. There's not actually a reliable way to speed up the processing of caffeine in your liver in the short-term. However, here are some things you can do to help you feel better while you process the caffeine: Drink Water Drinking water won't "flush" your system of caffeine, in spite of the commonsense wisdom. However, caffeine is a diuretic, which means that it can cause dehydration. Drinking plenty of water will help minimize dehydration and help alleviate some of the symptomatic effects of the caffeine jitters. Eat Food Caffeine can suppress your appetite, so you may feel the impacts of low blood sugar, including nausea and headache, if you don't make a conscious effort to eat. Taking your caffeine with a meal will also slow down your processing of caffeine, which will make you less likely to have the jitters. Exercise While exercise won't make you metabolize caffeine any faster, it will help you to burn off some of the extra energy caused by caffeine's adrenaline release. This may help you feel better. Bottom Line: How Long Does Caffeine Stay in Your System? How long does caffeine stay in the body? Well, the average person will experience the half-life of caffeine at about 5-6 hours. But how long does caffeine stay in the body such that you still feel its effects? This depends on a few factors: Your unique metabolism: genetics plays a role in how fast your liver can metabolize caffeine. Size of caffeine dose: A larger dose will impact your body for longer. The average person will feel some impact of caffeine at about 50 mg or above. Your caffeine tolerance: The more often you take in caffeine, the less you'll feel its effects. Other drugs you take: Other substances you take can speed up or slow down your caffeine metabolizing processes. There's no way to actually process caffeine any faster in the short-term. But if you've had too much and you're uncomfortable, these things might help you feel better: Drink water: Caffeine can dehydrate you, so water will make you feel better. Eat food: Caffeine can suppress your appetite, so be sure to eat! Exercise: Exercise can help you burn off some of the excess energy caused by taking caffeine.

Unit 5 DB Research Paper Example | Topics and Well Written Essays - 250 words

Unit 5 DB - Research Paper Example Most of the gases occur naturally in the air while others are due to human activities. They include carbon dioxide, methane, and nitrous oxide. Global warming is real. This is due to the release of greenhouse gases in the atmosphere that cause the earth temperature to rise. Of all the greenhouse gases emitted into the atmosphere, carbon dioxide occupies the large percentage of emission (Hogue, Johnson & Kemsley, 2013). This is mainly due to the burning of fossil fuels in electrical powered generation and industrial production. There is evidence that global warming is true and continues to take place. This is seen at the speed in which ocean level is rising. This is because global warming results to warming water that then increase water capacity. The increased water volume is also due to melting of glaciers. The melting of glaciers continues to be reported in Greenland and West Antarctica (Conservation International, 2012). Increased water volume has negative consequences for islands in the Caribbean and low-lying coastal areas Sound science is a term used when defending an argument on an issue. This term is used to indicate that individuals in a case have facts on their side (Society of Environmental Toxicology and Chemistry, 1999). This term has helped in supporting the theory of global warming, as there is evidence that it is affecting people in different parts of the globe. There are various ways to reduce carbon emission. They involve the use of nuclear energy as a source of electricity, reliance on geothermal and wind power, planting of trees, and reduction of fossil fuel

The Labyrinth of Solitude Essay Example | Topics and Well Written Essays - 2000 words

The Labyrinth of Solitude - Essay Example Paz turns spiritual to explain the desperate search for identity by the Mexicans thus: He urges the Mexican people to wake up from their dream state, know the ground realities, and act on in the world outside with the practical approach, without the feeling of self-pity of self-condemnation. In that state of inner concentration, he states that Mexicans will realize that they are a cosmic race freed from all sorts of negativities and confusion. That will be the beginning of real progress for the Mexicans. Octavio Paz tries to provide the national dimension to solitude, essentially a personal trait. Wit intelligent arguments the author proves his point that solitude can be a national characteristic, the trait of an entire culture or nation. He argues that solitude is intrinsic to the historical character of Mexico and as such it is the key to understand its history in its proper perspective. Though not a negative trait, solitude is linked to melancholy and for Mexico it originates in a psychological complex of defeat, according to the author. The reasons can be found in the political history of Mexico, its own authoritarian rulers to begin with. People live under oppression and suppression under such rulers and will not have the opportunities for the free and full growth of their individual personalities. Subdued individual personalities make a subdued and dispirited society and nation. The process began with the rule of its own authoritarian rulers followed by the authoritarian Spani sh conquerors that were cruel and ruthless and they were then replaced by the authoritarian oligarchies during the era of independence. Another factor by which the people of Mexico were overawed was the intimidator posture of United States. People were not exposed to peaceful disposition under all these conditions and their inner resentment was brewing often resulting in violent expressions. But the same cannot be categorized as inferiority complex. Paz explains this

The Great Gatsby Essay -- essays research papers

The Great Gatsby Essay  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Discuss Nick Carraway’s character. How reliable is he as a narrator? What aspects of his character make him an effective narrator? Nick Carraway is not only a character in the novel The Great Gatsby, he is also the narrator. This is very important because it makes him a central figure, like Gatsby. He is so involved in the plot that he becomes quite important and significant in the story. The whole novel is told by Nick and in a way he discovers his own development throughout the events of the book. As Nick says of himself, he is â€Å"both within and without.† This is related to the fact that he is both a character and a narrator in the story. It gives a great success as to how Gatsby’s story is told. Nick is a young man from Minnesota who moves to New York in the spring of 1922 to learn about the â€Å"bond business.† The bond business refers to Nick’s choice of career as an investment broker. He rents a house in West Egg, which is in Long Island; a wealthy area inhabited by the rich people. Nick lives next door to a man named Jay Gatsby, which throws magnificent parties every Saturday night. Nick is different to the other residents of West Egg. He went to Yale and has social connections in East Egg (His cousin Daisy and Tom Buchanan), another area of Long Island home to the well-known upper class. The first paragraphs show Nick’s qualities. His father always told him to not criticize anyone because...

Case Study/Research Paper of Mergers Icici and Icici Bank

————————————————- case study ————————————————- MERGER DEAl: ————————————————- icici with icici bank merger For Mergers and Acquisitions in the BANKING SECTOR AAKANKSHA KUMAR * EXECUTIVE SUMMARY ICICI- Industrial Credit and Investment Corporation of India Limited (ICICI) was founded by the World Bank, the Government of India and representatives of private industry on 5 January, 1995. The objective was to encourage and assist industrial development and investment in India. Over the years, ICICI has evolved into a diversified financial institution.ICICI’s principal business activities include project finance, infrastructure finance, corporate finance , securitization, leasing, deferred credit, consultancy services and custodial services. It has set up specialised subsidiaries in the areas of commercial banking, investment banking, non banking finance, investor servicing broking, venture capital finance and state level infrastructure financing from where the group draws its strength. ICICI BANK- ICICI Bank was set up by the ICICI group as a commercial banking outfit on 5 January, 1994 and received its banking license from the RBI on 17 May, 1994.The first branch of ICICI Bank was started in Chennai in June 1994 and by 31 March, 1999 and before the merger it had 64 branches across the country. From the beginning the branches were fully computerised with state-of-the-art technology and systems and networked through VSAT technology. It offered a wide spectrum of domestic and international banking services to facilitate trade, investment, cross-border business and treasury and foreign exchange services. This is in addition to a whole range of deposit services offered to individuals and corporate bodies.ICICI Bank’s ‘Infinity’ was the first Internet banking service in the country. Currently the Bank has around 350000 customers. * ABOUT THE MERGER After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking Industry, and the move towards universal banking, the managements of ICICI and ICICI Bank decided to go for the merger of ICICI with ICICI Bank which would be beneficial for both entities and would create the optimal legal structure for the ICICI group’s universal banking strategy.In October 2001, the Board of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002,by the High Court of Gujarat at Ahmadabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002.ICICI Limited merged with ICICI Bank Limited on 30 March 2002, with the swap ratio of 2 ICICI Shares for 1 share of ICICI Bank Limited. With this merger, the second largest Bank in India was born. RBI had given approval for the reverse merger of ICICI Ltd. with its banking arm ICICI Bank. ICICI Bank with Rs. 1 lakh crore asset base bank is second only to State Bank of India, which is well over Rs. 3 lakh crore in size. RBI also cleared the merger of two ICICI subsidiaries. FOR ICICI THE MERGER MEANT- 1. Increasing the speed in financing long-term projects 2.Obtaining access to cheaper funds for lending 3. Increasing its appeal to investors for raising capital base needed to write off bad loans 4. Competing more effectively in the retail finance market dominated by banks FOR ICICI BANK THE MERGER MEANT- 1. Expanding geographically 2. Utilising l arge capital base of ICICI 3. Gaining brand equity from the strong brand of ICICI 4. Deriving benefits from ICICI’s well established corporate relationship * CONDITIONS LAID DOWN BY THE RBI BEFORE GIVING THE APPROVAL FOR THE MERGER (i) Compliance with Reserve Requirements The ICICI Bank Ltd. ould comply with the Cash Reserve Requirements (under Section 42 of the Reserve Bank of India Act, 1934) and Statutory Liquidity Reserve Requirements (under Section 24 of the Banking Regulation Act, 1949) as applicable to banks on the net demand and time liabilities of the bank, inclusive of the liabilities pertaining to ICICI Ltd. from the date of merger (ii) Appointment of Directors The bank should ensure compliance with Section 20 of the Banking Regulation Act, 1949, concerning granting of loans to the companies in which directors of such companies are also directors. iii) Conditions relating to Swap Ratio As the proposed merger is between a banking company and a financial institution, all matters connected with shareholding including the swap ratio, will be governed by the provisions of Companies Act, 1956, as provided (iv) Subsidiaries While taking over the subsidiaries of ICICI Ltd. after merger, the bank should ensure that the activities of the subsidiaries comply with the requirements of permissible activities to be undertaken by a bank under Section 6 of the Banking Regulation Act, 1949 and Section 19 (1) of the Act ibid. v) Preference Share Capital Section 12 of the Banking Regulation Act, 1949 requires that capital of a banking company shall consist of ordinary shares only (except preference share issued before 1944). * BENEFITS OF MERGER Through the merger, ICICI Bank became India’s 1st universal bank that is, one-stop shop financial services in India and acquired large market share of retail banking and offered a complete range of banking products. 1. Optimum utilisation of human capital 2.Improved ability to further diversity asset portfolio and business revenues 3. Reduced costs of funds 4. Availability of more float money due to active participation in the payment system 5. Diversified fund raising due to access to retail funds 6. Leveraged the ICICI’s capital and client base in terms of increase in fee income 7. Improved profitability by leveraging technology and low cost structure 8. Access to ICICI group’s talent pool and thereby development of human resource at lower costs. * PROBLEMS FACED . The risk of failure to obtain government and other approvals of the merger as per planned. 2. The risk of failure of the High Courts of Mumbai and Gujarat to approve the scheme of Amalgamation. 3. The risk of business which may not be integrated as smooth as planned. 4. Merger of ICICI Ltd and ICICI bank making it more difficult to maintain relationships with clients, employees and suppliers. 5. The risk of new and changing regulation and unfavourable political support or other developments in Indian and internatio nal markets. CONCLUSION The swap ratio was based on the valuations and recommendations of investment bankers. The merger ratio was set as two ICICI shares for every ICICI Bank share that is one equity share of ICICI Bank was swapped for two equity shares of ICICI. The merger brought operational strategies both in terms of economies of scale and scope. Economies of scale achieved through increase in business volumes at lower operating costs and deployment of latest technology. Economies of scope were achieved through enlarged product range.FINANCIAL PERFORMANCE OF ICICI AND ICICI BANK AFTER MERGER ICICI Ltd Profit to equity holders increased by 16% 21% increase in Indian GAAP consolidated profits ICICI BANK There was always an increase seen in the profits after the merger The merger took place in 2002 and its 2013 now the merger has successfully completed 11 years which shows that the merger created a strong entity, which will redefine banking in the highly competitive era of globali sation and liberalisation. BIBLIOGRAPHY * www. google. com * www. economictimes. com Case Study/Research Paper of Mergers Icici and Icici Bank ————————————————- case study ————————————————- MERGER DEAl: ————————————————- icici with icici bank merger For Mergers and Acquisitions in the BANKING SECTOR AAKANKSHA KUMAR * EXECUTIVE SUMMARY ICICI- Industrial Credit and Investment Corporation of India Limited (ICICI) was founded by the World Bank, the Government of India and representatives of private industry on 5 January, 1995. The objective was to encourage and assist industrial development and investment in India. Over the years, ICICI has evolved into a diversified financial institution.ICICI’s principal business activities include project finance, infrastructure finance, corporate finance , securitization, leasing, deferred credit, consultancy services and custodial services. It has set up specialised subsidiaries in the areas of commercial banking, investment banking, non banking finance, investor servicing broking, venture capital finance and state level infrastructure financing from where the group draws its strength. ICICI BANK- ICICI Bank was set up by the ICICI group as a commercial banking outfit on 5 January, 1994 and received its banking license from the RBI on 17 May, 1994.The first branch of ICICI Bank was started in Chennai in June 1994 and by 31 March, 1999 and before the merger it had 64 branches across the country. From the beginning the branches were fully computerised with state-of-the-art technology and systems and networked through VSAT technology. It offered a wide spectrum of domestic and international banking services to facilitate trade, investment, cross-border business and treasury and foreign exchange services. This is in addition to a whole range of deposit services offered to individuals and corporate bodies.ICICI Bank’s ‘Infinity’ was the first Internet banking service in the country. Currently the Bank has around 350000 customers. * ABOUT THE MERGER After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking Industry, and the move towards universal banking, the managements of ICICI and ICICI Bank decided to go for the merger of ICICI with ICICI Bank which would be beneficial for both entities and would create the optimal legal structure for the ICICI group’s universal banking strategy.In October 2001, the Board of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002,by the High Court of Gujarat at Ahmadabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002.ICICI Limited merged with ICICI Bank Limited on 30 March 2002, with the swap ratio of 2 ICICI Shares for 1 share of ICICI Bank Limited. With this merger, the second largest Bank in India was born. RBI had given approval for the reverse merger of ICICI Ltd. with its banking arm ICICI Bank. ICICI Bank with Rs. 1 lakh crore asset base bank is second only to State Bank of India, which is well over Rs. 3 lakh crore in size. RBI also cleared the merger of two ICICI subsidiaries. FOR ICICI THE MERGER MEANT- 1. Increasing the speed in financing long-term projects 2.Obtaining access to cheaper funds for lending 3. Increasing its appeal to investors for raising capital base needed to write off bad loans 4. Competing more effectively in the retail finance market dominated by banks FOR ICICI BANK THE MERGER MEANT- 1. Expanding geographically 2. Utilising l arge capital base of ICICI 3. Gaining brand equity from the strong brand of ICICI 4. Deriving benefits from ICICI’s well established corporate relationship * CONDITIONS LAID DOWN BY THE RBI BEFORE GIVING THE APPROVAL FOR THE MERGER (i) Compliance with Reserve Requirements The ICICI Bank Ltd. ould comply with the Cash Reserve Requirements (under Section 42 of the Reserve Bank of India Act, 1934) and Statutory Liquidity Reserve Requirements (under Section 24 of the Banking Regulation Act, 1949) as applicable to banks on the net demand and time liabilities of the bank, inclusive of the liabilities pertaining to ICICI Ltd. from the date of merger (ii) Appointment of Directors The bank should ensure compliance with Section 20 of the Banking Regulation Act, 1949, concerning granting of loans to the companies in which directors of such companies are also directors. iii) Conditions relating to Swap Ratio As the proposed merger is between a banking company and a financial institution, all matters connected with shareholding including the swap ratio, will be governed by the provisions of Companies Act, 1956, as provided (iv) Subsidiaries While taking over the subsidiaries of ICICI Ltd. after merger, the bank should ensure that the activities of the subsidiaries comply with the requirements of permissible activities to be undertaken by a bank under Section 6 of the Banking Regulation Act, 1949 and Section 19 (1) of the Act ibid. v) Preference Share Capital Section 12 of the Banking Regulation Act, 1949 requires that capital of a banking company shall consist of ordinary shares only (except preference share issued before 1944). * BENEFITS OF MERGER Through the merger, ICICI Bank became India’s 1st universal bank that is, one-stop shop financial services in India and acquired large market share of retail banking and offered a complete range of banking products. 1. Optimum utilisation of human capital 2.Improved ability to further diversity asset portfolio and business revenues 3. Reduced costs of funds 4. Availability of more float money due to active participation in the payment system 5. Diversified fund raising due to access to retail funds 6. Leveraged the ICICI’s capital and client base in terms of increase in fee income 7. Improved profitability by leveraging technology and low cost structure 8. Access to ICICI group’s talent pool and thereby development of human resource at lower costs. * PROBLEMS FACED . The risk of failure to obtain government and other approvals of the merger as per planned. 2. The risk of failure of the High Courts of Mumbai and Gujarat to approve the scheme of Amalgamation. 3. The risk of business which may not be integrated as smooth as planned. 4. Merger of ICICI Ltd and ICICI bank making it more difficult to maintain relationships with clients, employees and suppliers. 5. The risk of new and changing regulation and unfavourable political support or other developments in Indian and internatio nal markets. CONCLUSION The swap ratio was based on the valuations and recommendations of investment bankers. The merger ratio was set as two ICICI shares for every ICICI Bank share that is one equity share of ICICI Bank was swapped for two equity shares of ICICI. The merger brought operational strategies both in terms of economies of scale and scope. Economies of scale achieved through increase in business volumes at lower operating costs and deployment of latest technology. Economies of scope were achieved through enlarged product range.FINANCIAL PERFORMANCE OF ICICI AND ICICI BANK AFTER MERGER ICICI Ltd Profit to equity holders increased by 16% 21% increase in Indian GAAP consolidated profits ICICI BANK There was always an increase seen in the profits after the merger The merger took place in 2002 and its 2013 now the merger has successfully completed 11 years which shows that the merger created a strong entity, which will redefine banking in the highly competitive era of globali sation and liberalisation. BIBLIOGRAPHY * www. google. com * www. economictimes. com