Four days after receiving the final approval from the Reserve Bank of India (RBI) for the merger of Bank of Rajasthan (BoR) with ICICI Bank, BoR employees are migrating to their new employer with a lot of enthusiasm. Far from any signs of exodus, about 4,000 employees are now willing to join ICICI Bank.
Speaking to FE, KK Sharma, executive director of BoR, said , ?The amalgamation initially provoked some apprehension among employees. However, the scene changed later. Some are now convinced about their career prospects in ICICI, which is almost 16 times bigger than BoR.?
?Please give us your heart and hard work. We will take care of your family for life? is the welcome message ICICI Bank has sent to the BoR employees.
This was the first official communication to the BoR employees after the merger.
There were also apprehensions on whether BoR employees, with an average age of 53, will be absorbed by ICICI Bank, where the average of employees is much lower.
Also, ICICI Bank has some divisions like international banking and forex derivatives that were not in the acquired lender.
?HR in ICICI Bank has remained flexible for us . If you have inclination to work in a particular department, they will give it a look. Holistically, staying long in the bank can be rewarding,? said an employee who has shifted from BoR to ICICI Bank.
Other BoR employees with over 15 years of experience, who have joined ICICI Bank with whom FE spoke to, said the possibility of rewards for employees is always better in a new generation bank.
?We shall only take some time to adopt the new working culture. The transition phase has just started,? they said.
As per the agreement of amalgamation, ICICI Bank will absorb all the BoR employees. However, individuals can take their own call.
Particularly for senior management, ICICI has to take a call whether to retain them or not. ?With the RBI?s approval, I have stepped down from my role in BoR,? G Padmanabhan, former managing director of BoR, said.
