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Abstract

ICICI, India's first development financial institution set up in 1955, has emerged as India's largest private bank. As a development institution, its journey was glorious with many milestones. KV Kamath was the man behind the transformation of ICICI bank into a universal bank after the reverse merger of ICICI and its subsidiaries with ICICI bank in 2002. On 19 December 2008 ICICI bank named Chanda Kochhar as the successor of KV Kamath as its Managing Director and CEO from 1 April 2009. She is the youngest and first woman CEO of ICICI bank. Kochhar, who proved her worth and competence in various assignments held in the bank, takes over as CEO at a time of global economic downturn, the bank's declining market share and rising non-performing assets. Industry experts feel that the succession to the top position is taking place at a critical time marked by global economic downturn. However, the management of ICICI bank has greater confidence in Kochhar's leadership. Kochhar's endeavour is to take ICICI bank to greater heights and to create a meaningful impact on the shareholders and also the banking industry. It remains to be seen how Kochhar's leadership further improves ICICI bank's performance in the face of many challenges and how she proves as a worthy successor of KV Kamath.
Location:
Industry:
Other setting(s):
2008-2009

About

Abstract

ICICI, India's first development financial institution set up in 1955, has emerged as India's largest private bank. As a development institution, its journey was glorious with many milestones. KV Kamath was the man behind the transformation of ICICI bank into a universal bank after the reverse merger of ICICI and its subsidiaries with ICICI bank in 2002. On 19 December 2008 ICICI bank named Chanda Kochhar as the successor of KV Kamath as its Managing Director and CEO from 1 April 2009. She is the youngest and first woman CEO of ICICI bank. Kochhar, who proved her worth and competence in various assignments held in the bank, takes over as CEO at a time of global economic downturn, the bank's declining market share and rising non-performing assets. Industry experts feel that the succession to the top position is taking place at a critical time marked by global economic downturn. However, the management of ICICI bank has greater confidence in Kochhar's leadership. Kochhar's endeavour is to take ICICI bank to greater heights and to create a meaningful impact on the shareholders and also the banking industry. It remains to be seen how Kochhar's leadership further improves ICICI bank's performance in the face of many challenges and how she proves as a worthy successor of KV Kamath.

Settings

Location:
Industry:
Other setting(s):
2008-2009

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