ICICI Bank rejigs top management

Mumbai, April 29 | Updated: Apr 30 2006, 05:49am hrs
ICICI Bank on Saturday announced a top-level reshuffle and rejig of management portfolios. As part of this exercise, the board of directors has elevated deputy managing director Kalpana Morparia to the position of joint managing director. Meanwhile, executive directors Chanda Kochhar and Nachiket Mor have been elevated to the position of deputy managing directors. The board of directors of the bank has recommended a dividend of 85% for the year.

Speaking on the sidelines of the media conference to announce its annual results, Ms Morparia said the bank is facing constraints in setting branch operations in China, in the wake of the Chinese government stipulating a high capital requirement of $50 million for opening a new branch in the country.