The Hindu Business Line : K.V. Kamath is Forbes Asia Businessman of the year

Mumbai, Nov. 29 Mr K.V. Kamath, Chief Executive Officer of ICICI Bank, has been named the Businessman of the Year 2007 by Forbes Asia magazine. The 60-year-old is the third Indian in four years after Mr Nandan Nilekani of Infosys and Mr Ratan Tata to be bestowed with the accolade.

“Mr Kamath’s focus on serving India’s growing middle class by providing First World banking services at affordable prices is largely the reason behind the phenomenal growth of ICICI Bank,” said Mr Tim Ferguson, Editor, Forbes Asia.

ICICI Bank’s market capitalisation is at Rs 1,24,000 crore ($31 billion) compared to Rs 6,400 crore ($1.6 billion) in 2002 when the original corporate lending institution merged with its commercial banking offshoot. ICICI Bank has a one-third share of the consumer credit market.

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K.V. Kamath is Forbes Asia Businessman of the year