The Development of Ballads Essay Example for Free

The Development of Ballads Essay Ballads have been in evidence since the seventh century and have been popular ever since. They travelled around the globe as people emigrated, picking up stories of historical significance on the way. Their main purpose is to entertain, being sung or recited, often accompanied by music. Their distinctive poetic form told appealing tales of heroism, hardship and adventure often in dramatic terms. They were also a means of spreading news, to a largely illiterate population in an easily understood narrative way. Ballads follow a distinctive recipe, elements of which can be seen in all ballads. They use quatrains, which are four line stanzas. An example of this can be seen in the ballad, The Rime of the Ancient Mariner: The fair breeze blew, the white foam flew, The furrow followd free We were the first that ever burst Into that silent sea In this verse you can see a regular A B C B rhyming scheme, which means that lines two and four rhyme with a bouncy rhythm. Ballads told simple stories to entertain audiences such as in The Twa Corbies where two ravens having a conversation. The ballads would build up to a climax where the main event of the story would happen. In the ballad Sir Patrick Spens we read lines like: Drinking the blood red wine And When the sky grew dark, the wind blew loud, And angry grew the sea This automatically suggests to the reader that there is a going to be a murder as it is setting the scene for one. It was vital that the balladeer maintained the interest of his audience by using dramatic yet simple imagery. He had to paint the scene in words to engage the imagination of the audience. The symbolic use of colour is used to create atmosphere. Red often symbolises blood or royalty, for example, the ballad Sir Patrick Spens reads: Drinking the blood red wine which creates tension and a thick atmosphere. White symbolises good so black obviously symbolises evil. In Johnie Armstrong it reads Goodly steeds were all milky white this tells us that all Johnie Armstrongs men rode white horses which helps to portray him and his men as the good guys. The audience would have recognised the inference of what the colours meant. Ballads told tales with simple themes, for example Johnie Armstrong tells a Robin Hood style story of an honest outlaw who is betrayed by a treacherous Scottish king. Other themes explored in ballads capture lives of adventure and hardship. Keeping things simple was important, as most of the listeners would have been peasants living in small communities often impoverished and with little way of escaping hard lives. Hearing tales of larger than life characters at least temporally diverted them from their own circumstances. Sometimes audience participation was encouraged for example in the Twa Corbies where the narrative breaks from third person to first person: The tane unto the tither did say, Whar sall we gang and dine the day? I imagine the scenario either where two or three balladeers working together took roles within a spoken or sung ballad or where one balladeer hopped between storyteller and actor. In either the audience may have been invited to supply lines making the ballads more of a lively improvised story. This would have been great fun moving the action from performer to the audience and back again. The characters depicted were bold but shallow leaving the audience with a two dimensional representation which told of what the characters did but not of how they felt. There was little attempt to flesh out any subtleties of characterisation. Action and events moved the story line not any depth in the characters. In the beginning of the border ballad Johnie Armstrong he is described as being a bold outlaw. We are told that he came from Westmerland, on the Scottish border. He came from poverty, had neither land or rent coming in and alot about what he possessed in terms of men, horses and weapon, but not much about him as a man. The ballad of Johnie Armstrong is a good example of a border ballad. A border ballad focused on the conflict between the Scottish and the English. The ballad is clearly written from an English viewpoint, describing Johnie as proud, brave and heroic. The words faire Westmerland are the first indication that this is written from an English perspective. The band own white horses (white symbolising good) and are described as being a goodly sight for to see. On the other hand, the Scottish king is portrayed as being deceitful and double crossing tricking Johnie and his men to their deaths. Another type of ballad is the broadside ballad. These were an early form of newspaper recording local events and news told in narrative form. What distinguished them was the fact that for the first time they were fixed in print and sold at fairs for a penny, becoming the earliest written ballads. Two examples of these are Mary Cummings and Charlotte Dymand, these poem were not really in the right period but in the right style. The ballad of Mary Cummings is the story of a crime of passion. It a sensational tale of love, abandonment, revenge and violent murder eventually finishing with the hanging of an unrepented jilted bride. It depicts a tragic heroine with the themes of love and death dramatically portrayed. The language is graphic: The mother slithered to the ground, The fathers eyes went white We are given the picture of the hopeful girl in her bridal gown on a spring morning that becomes the murderess cursing the groom and his parents. The line the pain in Marys Mind gives a clue that she is becoming deranged. The images are all of things fading: The sun that glittered down, the sun slid out of sight. The audience would have been able to grasp the cruel irony that the bridal gown is to become the shroud of death. Instead of a husband she is to meet the dark lover i. e. devil; she has renounced her religion. The whole ballad evokes a sense of the eagerness for marriage being replaced by an eagerness for death. As people travelled from place to place they took the basic ballad recipe with them as well as the ballads. Ballads can be found all over the word: Sir Patrick Spens is a traditional Scottish ballad; Young Hunting is an eighteenth centaury ballad, perhaps with earlier Danish parallels and Ballad of Sixty-Five is a traditional Jamaican ballad. This proves that ballads have travelled all over the globe, appealing to worldwide audiences for many centauries. The Ballad of Sixty-Five tells a story of historical significance to many Jamaicans; a group of slaves in Jamaica march to their governors house demanding there right and are eventually hanged to make a public spectacle. It had the opposite reaction making other slaves believe that they could stand up for themselves: Paul Boyle died but his spirit talked, Anywhere in Jamaica that freedom walks. The poem has examples of patois, which is native Jamaican dialect. You can wuk like a mule but de crop still bad It also has an A A B B rhyming scheme to it and a Calypso rhythum, which shows how the basic ballad recipe can be varied as it travelled. Ballads are an ancient form of communication; they have been around for centauries keeping almost the same recipe throughout. They told tales of historical importance as well as stories just to entertain. They have been popular ever since they begun and although they are not still in there original form we can see element derived from ballads in modern day song.

Advantages And Disadvantages Of Internet Information Technology Essay

Advantages And Disadvantages Of Internet Information Technology Essay Research can be defined as the search for knowledge or as any systematic investigation to establish facts. The primary purpose for applied research as opposed to basic research is discovering, interpreting, and the development of methods and systems for the advancement of human knowledge on a wide variety of scientific matters of our world and the universe. Internet has been perhaps the most outstanding innovation in the field of communication in the history of mankind. As with every single innovation, internet has its own advantages and disadvantages. But usually, greater magnitude of advantages outweighs its disadvantages. The word research is used to describe a number of similar and often overlapping activities involving a search for information. For example, each of the following activities involves such a search; but the differences are significant and worth examining. Ten years ago, the term internet was practically anonymous to most of the people. And today internet has become the most ever powerful tool for man throughout the world. The internet is a collection of various services and resources. Although, many people still think e-mail and World Wide Web as the principle constituents of internet, there is lot more in store than e-mail, chat rooms, celebrity web sites and search engines. It also became the best business tool of modern scenario. Today internet has brought a globe in a single room.. Advantages The Internet provides many facilities to the people. The main advantages of Internet are discussed below: Information: Information is probably the biggest advantage internet is offering. The Internet is a virtual treasure trove of information. Any kind of information on any topic under the sun is available on the Internet. The search engines like Google, yahoo is at your service on the Internet. You can almost find any type of data on almost any kind of subject that you are looking for. There is a huge amount of information available on the internet for just about every subject known to man, ranging from government law and services, trade fairs and conferences, market information, new ideas and technical support, the list is end less. Students and children are among the top users who surf the Internet for research. Today, it is almost required that students should use the Internet for research for the purpose of gathering resources. Teachers have started giving assignments that require research on the Internet. Almost every coming day, researches on medical issues become much easier to locate. Numerous web sites available on the net are offering loads of information for people to research diseases and talk to doctors online at sites such as, Americaà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s Doctor. During 1998 over 20 million people reported going online to retrieve health information. Time: A second advantage is that Internet-based survey research may save time for researchers. As already noted, online surveys allow a researcher to reach thousands of people with common characteristics in a short amount of time, despite possibly being separated by great geographic distances (Bachmann Elfrink, 1996; Garton et al., 2003; Taylor, 2000; Yun Trumbo, 2000). Cost: Online survey researchers can also save money by moving to an electronic medium from a paper format (Bachmann Elfrink, 1996; Couper, 2000; Llieva et al., 2002; Yun Trumbo, 2000). Paper surveys tend to be costly, even when using a relatively small sample and the costs of a traditional large-scale survey using mailed questionnaires can be enormous. The use of online surveys circumvents this problem by eliminating the need for paper and other costs, such as those incurred through postage, printing, and data entry (Llieva et al., 2002; Watt, 1999; Witmer et al., 1999). Access to Unique Populations: One advantage of online survey research is that it takes advantage of the ability of the Internet to provide access to groups and individuals who would be difficult, if not impossible, to reach through other channels (Garton, Haythornthwaite, Wellman, 1999; Wellman, 1997). In many cases, communities and groups exist only in cyberspace. For example, it would be difficult to find a large, concentrated group of people conducting face-to-face discussions of topics such as cyber-stalking, online stock trading, and the pros and cons of virtual dating. While people certainly discuss such issues among friends, family members, and co-workers, few meet face-to-face in large groups to discuss them Communication: The foremost target of internet has always been the communication. And internet has excelled beyond the expectations .Still; innovations are going on to make it faster, more reliable. By the advent of computerà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s Internet, our earth has reduced and has attained the form of a global village. Now we can communicate in a fraction of second with a person who is sitting in the other part of the world. Today for better communication, we can avail the facilities of e-mail; we can chat for hours with our loved ones. There are plenty messenger services in offering. With help of such services, it has become very easy to establish a kind of global friendship where you can share your thoughts, can explore other cultures of different ethnicity Collection of Information: A lot of information of different types is stored on the web server on the Internet. It means that billions websites contain different information in the form of text and pictures. You can easily collect information on every topic of the world. For this purpose, special websites, called search engines are available on the Internet to search information of every topic of the world. The most popular search engines are altavista.com, search.com, yahoo.com, ask.com etc. The scientists, writers, engineers and many other people use these search engines to collect latest information for different purposes. Usually, the information on the Internet is free of cost. The information on the Internet is available 24 hours a day Online Airlines and Railway Schedules: Many Airline companies and Pakistan Railway provide their schedules of flights and trains respectively on the Internet. E-Commerce: Ecommerce is the concept used for any type of commercial manoeuvring, or business deals that involves the transfer of information across the globe via Internet. It has become a phenomenon associated with any kind of shopping, almost anything. You name it and Ecommerce with its giant tentacles engulfing every single product and service will make you available at your door steps. It has got a real amazing and wide range of products from household needs, technology to entertainment Searching Jobs: You can search different types of jobs all over the world, Most of the organizations/departments around the world, advertise their vacant vacancies on the Internet. The search engines are also used to search the jobs on Internet. You can apply for the required job through Internet. Disadvantages Internet has many advantages but it also has some disadvantages. These are as follows: Accuracy of Information: A lot of information about a particular topic is stored on the websites. Some of the information may be incorrect the correct information may be confused or not authentic. Wastage of times A lot of time is wasted to collect the information on the Internet. Some people waste a lot of time in chatting or to play games. At home and offices, most of the people use Internet without positive purpose. Virus threat: Virus is nothing but a program which disrupts the normal functioning of your computer systems. Computers attached to internet are more prone to virus attacks and they can end up into crashing your whole hard disk, causing you considerable headache. Immorality: Some websites contains immoral materials in the form of text, pictures or movies etc. These websites damage the character of new generation CONCLUSION In conclusion, internet data collection offers many advantages, but also has some disadvantages. Researchers must carefully consider their needs in light of the challenges and benefits it can present. Even though there are arguments against theft of personal information on the use of internet for research purposes, researchers may be experiencing grave danger as personal information such as name, address, bank details can be accessed by other culprits to make problems worse. Though, information are widely available on the internet making research less expensive in terms manpower hour used, the school of taught question the authenticity of some of the information available. Pornography is perhaps the biggest threat related to childrenà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s healthy mental life. Very serious situations regarding the internet. There are thousands of pornographic sites on the internet that can be easily found and can be a detrimental factor to letting children use the internet Academics from different universities can come together to pursue the same research cost effectively, discussing on daily basis using video conferencing, virtual community etc. without moving out of their geographical locations all by the aid of internet technology. Though, internet can also create devastation, destruction and its misuse can be calamity, I can still argue that the advantages of it outweigh its disadvantages

Dreams Can Come True :: essays research papers

Dreams Can Come True â€Å"I think my passion for [flying] started when I was in high school†, Gary Chambers told me as I sat down in his beautiful home in the hills of Serrano, a very upscale, gated community in El Dorado Hills, California. He was wearing a tropical shirt and bahama shorts with a pair of Teva sandals on his feet. He offered me a soda and then sat down across from me. We were sitting in matching black leather love seats with a tan and gray granite coffee table separating us. Despite the fact that he agreed to the interview and seemed eager to talk to me, he seemed uncomfortable during our conversation. He indicated to me that he wanted to get started right away. I was given the impression that he was a guy that did not like to waste time, but instead liked to get right down to business. I started asking him questions and I could see his eyes light up as he was talking about his zeal towards flying. He was like a burst dam flooding me with the story of his life and how he became hi s dream. He was just your typical high school kid until he decided to take Air Force ROTC (Reserve Officer Training Corps). Springing out of bed each day, showering and dressing as quickly as possible, he rushed out of the door, saying goodbye to his parents and hurried his way to school. The journey to school was not as bad for him as it was for other kids because he resided right down the street. He was not anxious to get to school, but eager to go to his Air Force ROTC class. Although he did not love the Air Force, his passion for flying was what motivated him to come to school early everyday and talk to the Colonel that was teaching the class. He was a dry sponge and he wanted to soak up all the flying knowledge that the Colonel had. Gary continued to probe the Colonel for erudition until he graduated.   Ã‚  Ã‚  Ã‚  Ã‚  After he finished high school, Gary moved on to college. He chose to matriculate at the Illinois Institute of Technology in Chicago where he received his Batchelor’s Degree in civil engineering. The Air Force, he was hoping, would be able to give him the career he desired. Disappointingly, the position that Gary wanted was not available at that time through the Air Force.

Essay --

Alvin Samarnmitr December 9, 2013 Bio 441 CS3219 Hedgehog Signaling Pathways Shh is a gene that plays a significant role in regulating the development of organogenesis in vertebrates. This is a recently discovered gene and over the span of only 20 years, it has become a greatly studied ligand. Not only does it function as a chemical signal necessary for development in early embryogenesis, but also continue to remain important throughout the entire life of adulthood. The signaling pathways of Shh is very intricate and due to many research reviews over the last decade, researchers have elaborated the details of this particular pathway. Some major roles that Shh contributes to are development of the brain, spinal cord, nervous system, eyes, limbs of the body, cell growth and many other important parts of the body. Because Shh signaling pathway is essential for normal embryonic development, any mutation or absence of Shh ligand will cause serious health conditions such as holoprosencephaly, cyclopia, and many other defects. Recent research shows that geneticists were able to map out the specific location of the gene in order to further understand the relationship between other genes. As research continue to progress in the growing field of developmental biology, more information about Shh will soon be discovered. Hedgehog Gene The Hedgehog gene (Hh) was first discovered by German biologist Christiane NÃ ¼sslein-Volhard, American Biologist Eric Wieschaus, and Edward B. Lewis. They were experimenting with Drosophila melanogaster fruit fly and successfully identified the crucial genes that controlled the segmentation pattern of the Drosophila embryo. Their research was published in 1980 and this won them a Nobel Prize in Physiology or ... ... requires a certain amount of both Gli activators and Gli repressors, a disruption in the balance of these proteins usually lead to exncephaly. There are many other mutants that causes the cilia to function improperly and many of these mutant leads to exencephaly, which is a cephalic disorder where the brain is formed on the exterior of the skull. Mutation or absence of hedghog will cause major health problems and defects in embryonic development. Holoprosencephaly (HPE) is one of the most common developmental defect and is caused by nonsense mutation and cytogenicc deletion. This loss of function mutation is the main cause and the symptoms can range from mild to severe cyclopia. It is a cephalic disorder in which the forebrain of the embryo fails to develop and split into two hemispheres. Resulting in abmornal brain development and deformation of the facial area.

Essay on the African American Dream in Song of Solomon -- Song Solomon

The African American Dream in Song of Solomon      Ã‚   Like most Americans, African Americans have developed variations of the American Dream. Many African Americans find that their dream differs from the traditional American dream in that there is no immediate success. Sometimes the dream consists of equality via liberty or literacy, while at other times it is a simple desire to know self through historical connection.    In Toni Morrison's Song of Solomon, Milkman was literate and had many options for further education, if so desired. Milkman was apathetic toward education and work. In fact, he was not sure what he wanted from life. Initially, he thought the best thing for his life was to leave his family and home. In order to do so, he needed money. His father, Macon gives him the task of searching for a bag of gold in his Virginian hometown. Macon fought Pilate for a particular bag of gold as children, and Macon believes the gold remains in the original location as it was when they were young. Milkman wishes to locate the gold as means to accomplishing his goal to achieve financial independence.    While on this quest, Milkman discovers his true dream, to discover "who he really is" and his family heritage. Milkman's version of the African-American dream is one of uncovering the past, a past that has been covered and lost through slavery and post-abolition renaming. Where his grandfather and father choose to leave the past behind, Milkman chooses to retrace their steps.    Through Macon, Milkman has been fed numerous variations of history. Pilate, his aunt, continues much of the same distortion. He is unsure of history and reality. In listening to his father's story, we read of Milkman's feelings, "Deep... ...ng his dream. With no immediate success, as occurs in the traditional American dream, Milkman sought to work towards the goal with patience and determination. Once he acquired the dream or a part of that dream, he turned around and gave back to his people, family and friends, in an effort to help those around him. Milkman's story, describes the quest for the African American dream of equality, and in that, exercising his inalienable rights.    WORKS CITED De Arman, Charles. "Milkman as the Archetypal Hero." Obsidian: Black Literature in Review 6.3 (1980): 56-59. Morrison, Toni. Song of Solomon. New York: The Penguin Group, 1977. Peterson, Nancy J. Toni Morrison: Critical and Theoretical Approaches. Baltimore: Johns Hopkins UP, 1997. Rice, Herbert William. Toni Morrison and the American Tradition: A Rhetorical Reading. New York: P. Lang, 1996.

Project Management Email Essay

In response to your email, our team has analyzed each project. In your email, you stated that the selected project should generate revenue within 12 month of next week’s PMO Review. You also stated that we should also consider the degree of risk involved with on-time completion, the critical path requirement and cost, and the effective life cycle and forecasted ROI. In order to make a recommendation, we took into account the scope of each project and whether it will meet the desired outcome, within your desired constraints. PROJECT JUNIPER The critical path for Project Juniper would be six months, which would be October 2015. The costs associated with this project would be less than the others, $325,000; however, the potential revenue is only $250,000. In addition, its break-even point is slightly less than three years, with a forecasted life cycle of only 2-3 years. PROJECT PALOMINO The critical path for Project Palomino would be nine months, which would be January 2016. The costs associated with this project would be $655,000, with revenues as low as $450,000. However, using a 5% margin of error, this could be more profitable with its break-even point of seven years. The issue we are worried about is that this would also be the end of the project’s life of seven years. PROJECT STARGAZER The critical path for Project Stargazer would be ten months, which would be February 2016. The costs associated with this project would be $575,000. The break-even point is one and a half years, with a seven-year life cycle. In addition, the company has already started on the research of the widgets, allowing the company a faster start up time, which will fit into the 12-month timeframe given. Even though the risks may be higher, the  technology of this project will help dilute the risk, as well as the ability to increase price using skimming price strategy. This project is innovative and can have various modifications, which will enable the company to satisfy a larger customer base. Our team recommends Piper Industries to accept Project Stargazer. FIVE PHASES 1. Concept Development/Project Conception – Data of customer’s needs will be collected, competition will be identified, and the idea for a project will be carefully examined to determine whether or not it benefits the organization. During this phase, feasibility, risk, and return on investment will be analyzed. The project is already at this stage, with the research and the costs being well documented. 2. Project Planning – This step is the most important step. The team will decide on a budget, set timelines, and identify available resources, materials, and expertise to ensure on-time delivery, clarify roles and responsibilities, and identify roadblocks. A project plan, project charter and/or project scope may be put in writing, which will outline the work to be performed. The team will prioritize, calculate a budget and schedule, and determine what resources are needed. 3. Project Execution – The project manager clarifies roles and responsibilities, timelines, and individual deadlines. There is constant communication to ensure tasks are completed on time and to specification. For this project, execution will take place 12 months after the PMO meeting. 4. Project Performance and Control – The project manager monitors timeline, plan, and team performance. They will also conduct review meetings and periodic project performance reports to review the budget. The project managers will also compare the status of the project to the actual plan to keep the project on schedule. If there are key constraints affecting project success, the necessary adjustments will be made. This step is necessary to improve quality, delivery time and the launch timings for market capture. 5. Project Close – This is the final phase of the project. Project tasks are completed and the client has approved the outcome. An evaluation can be done at this point, along with closing all contracts and settling all bills. Documentation can be used for future projects. The project team is released. KEY DELIVERABLES Aside from the dates and costs mention about, the project team decided on five key deliverables for Project Stargazer. They are as follows: 1. To launch the new line of widgets quickly, infiltrating into an existing competitive market. 2. Increase revenues, utilizing modifications and increasing sales during the maturity stage. 3. The team will provide product testing and analysis, meeting client requirements 4. In order to gain and/or retain reluctant customers, increase the product lifestyle and hold as a market leader. 5. Use customization to highlight the flexibility of the widget and introduce new products. REFERENCES Jacobs, F.R., & Chase, R. (2011). Operations and supply chain management (13th ed.). New York, NY: McGraw-Hill Irwin. Nestor-Harper, M. (n.d.). Tasks in the Five Phases of Project Management | Chron.com. Retrieved April 24, 2014, from http://smallbusiness.chron.com/tasks-five-phases-project-management-52690.html

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