India's ICICI Bank Names New Chief Executive In Board Shakeup

Tom Burroughes

19 December 2008

India’s ICICI Bank has appointed Chanda Kochhar as chief executive officer, making her one of India's most prominent businesswomen.

Ms Kochhar is currently joint managing director and chief financial officer. She will replace KV Kamath at India’s second-largest bank on 1 May 2009, the bank said in a statement. Mr Kamath will take over from N Vaghul as non-executive chairman.

ICICI has ambitions to be a major wealth management player. Earlier this year, Vivek Kanwar, head of global private client domestic, said the high net worth segement of the listed bank - comprising both global private clients and wealth management - will see a 50 per cent growth rate in 2008-09.