Indian Women in Banking Industry: Breaking the Glass Ceiling?

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Themes: HRM \ OB
Pub Date : 2009
Countries : India
Industry : Services

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Case Code : HRM0061
Case Length : 20 Pages
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Chanda Deepak Kochhar, MD and CEO of ICICI Bank Ltd. cont...

For instance, in 1993, when the ICICI group decided to foray into commercial banking, Kochhar was placed in the core team to set up the operations. Similarly, in 1996 when the company decided to establish the Infrastructure Industry Group, she was made in-charge of the Group. Also in 1998 when ICICI created the 'Major Client Group' to manage the relationships with the top 200 clients of ICICI, Kochhar was appointed as general manager and was asked to handle the Group (Major Client Group) operations.

Kochhar was instrumental in initialising the retail-banking unit and since April 1^st 2001 she held the responsibility of executive director of Retail Banking Business of ICICI Bank Ltd. With her strategic thinking and outstanding skills of converting challenges into opportunities, she had transformed the Bank from nascent stage into largest private sector bank. In 2006, she was given the responsibility of meeting the needs of cross-border clients at International and Corporate business unit.

Appointed as joint managing director and chief financial officer of ICICI Bank Ltd. in October 2007, she served the bank in that capacity till April 2009. Besides, she handled Global Treasury, Principal Investments & Trading, Risk Management and Legal functions.

She also served in top positions like deputy managing director and senior general manager and chairperson of various subsidiaries of ICICI Bank Ltd. Also, she served as an independent director of Oil and Natural Gas Corp. Ltd. (ONGC) from November 11^th 2008 to June 23^rd 2009. Besides, she was credited with many prestigious awards. In 2004, Kochhar was honoured as 'Retail Banker of the Year' by the Asian Banker from amongst prominent retail bankers in the Asia-Pacific region and in the following year she won the award of 'Business Woman of the Year' by Economic Times of India and in 2007 she was ranked 33rd in the Fortune's List of 'Most Powerful Women in Business'. In May 2009, she was appointed as the CEO and MD of ICICI Bank Ltd., succeeding K.V. Kamath.

There are many other women executives holding the top positions at ICICI Group. On April 21st 2009, Vishakha Mulye (Mulye) was appointed as the managing director and CEO of ICICI Venture Fund Management Company Ltd., succeeding Renuka Ramnath. Before this, Mulye served as an executive director of ICICI Lombard General Insurance from October 2007. She also held the position of CFO at ICICI Bank for 2 years (2005-2007). She started her career with ICICI Group in 1993 and gained experience in Strategy, Treasury and Markets, Proprietary Equity Investing and Management of Long-term Equity Investments, Structured Finance and Corporate and Project Finance. She took the responsibility of the bank's structured finance and global markets businesses and its financial institutions relationships. Under her management, the bank raised approximately $7 billion in equity capital and several billion dollars of debt financing.

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