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Mumbai, April 25 ICICI Bank on Saturday said that it has received approval from its shareholders and the Reserve Bank of India for the appointment of Ms Chanda Kochhar as the Managing Director and Chief Executive Officer and Mr K.V. Kamath as the non-executive chairman.

Both the appointments would be effective from May 1, 2009. Mr Kamath, who was appointed MD & CEO of the erstwhile ICICI in 1996, retires from the country’s largest private sector bank after being at the helm for seven years. Ms Kochhar, who is currently the joint MD and Chief Financial Officer, will take charge from Mr Kamath.

Ms Kochhar assumes the reins at a time when the bank is facing pressure in terms of non-performing assets and profitability. The bank’s gross NPAs in absolute terms increased by Rs 2,069.77 crore (or 27 per cent) in FY09 to Rs 9,649.31 crore (Rs 7579.54 crore in FY08), while net profit in the fourth quarter ended March 31, 2009 declined by 35 per cent to Rs 743.76 crore (Rs 1,149.84 crore as of March-end 2008).

Recently Ms Shikha Sharma, Managing Director and Chief Executive Officer, ICICI Prudential Life Insurance, and Ms Renuka Ramnath, MD & CEO, ICICI Ventures, resigned from their posts.

Meanwhile, Mr Sandeep Bakhshi, MD and CEO, ICICI Lombard General Insurance, has been appointed as the Executive Director (retail and rural banking) of ICICI Bank while Mr Bhargav Dasgupta, Executive Director, ICICI Prudential Life Insurance, steps into Mr Bakhshi’s shoes.

Mr V. Vaidyanathan, Executive Director, ICICI Bank will be the new MD and CEO of ICICI Prudential Life.

The appointments of Mr Vaidyanathan, Mr Bakhshi and Mr Dasgupta would be effective from May 1, 2009 and would be subject to necessary approvals, the bank said in a statement.

More Stories on : Private Banks | People | ICICI Bank Ltd

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