ICICI Bank
Assignment 1
SM302
HISTORY:
ICICI was formed in 1955 at the initiative of the World Bank, the Government
of India and representatives of Indian industry for development financial
institution for providing medium-term and long-term project financing to
Indian businesses. In 1999, ICICI became the first Indian company and the first
bank or financial institution from non-Japan Asia to be listed on the New York
Stock Exchange.
CURRENT:
ICICI Bank is a large private sector bank in India offering a diversified portfolio
of financial products and services to retail, SME and corporate customers. The
Bank has an extensive network of branches and ATMs. It is at the forefront of
leveraging technology and offering services through digital channels like
mobile and internet banking. With over 15.54 trillion rupees worth of assets
and over 313.54 billion rupees worth of operating profit, it is one of the most
profitable banks of India.
LEADERSHIP:
Being a private sector bank, it has 7 independent directors and Mr. Sandeep
Bakshi is the current CEO and MD of the ICICI bank who took over from Mrs
Chanda Kochhar, who was instrumental in establishing ICICI in 1990s.
MANAGEMENT STYLE:
With 3 Executive Directors, 1 Managing Director and 7 Independent Directors,
the management style of ICICI bank is varied and depends on directors and
reigning MDs. ICICI bank is being led through major cultural changes in the
current environment. ICICI bank is changing its organisational structure and
current MD and CEO is playing an important role in it.
Sandeep Bakshi believes in letting his team grow as a leader. The bank is
changing its operational environment in past two years. Frontline bankers have
the core responsibility of providing the best possible experience to customers.
Co-operation among teams has to be boosted and approach has been taken to
remove titles such as DGM, SGM in 400 member core group with titles
indicative of the responsibilities. Streamlined and simplified team structure
boosts cooperation between teams.
Employees are being made felt appreciated. Regular pay hikes and front-end
employees are being given better perks for their work.
Bank is also increasing its culture of experimentation, breaking down markets
based on PIN codes and conducting micro-experiments whose results are
expect to be scaled on a broader scale.
ORGANISATIONAL STRUCTURE:
The organisation according to them is dynamic, constantly evolving and
responsive to changes both in the external and internal environments. The
organization structure is divided into five principal groups – Retail Banking,
Wholesale Banking, Project Finance & Special Assets Management,
International Business and Corporate Centre.
The Retail Banking Group comprises ICICI Bank’s retail assets business including
various retail credit products, retail liabilities (including their own deposit
accounts as well as distribution of third part liability products) and rural microbanking.
The Wholesale Banking Group comprises ICICI Bank’s corporate banking
business including credit products and banking services, with separate
dedicated groups for large corporates, Government and public sector entities
and emerging corporates. Treasury, structured finance and credit portfolio
management also form part of this group.
The Project Finance Group comprises the project finance operations for
infrastructure, oil & gas, manufacturing and shipping sectors. The Special
Assets Management Group is responsible for large non-performing loans and
accounts under watch.
The International Business Group is responsible for ICICI Bank’s international
operations as well as coordinating the international strategies and alliances of
its subsidiaries and affiliates.
The Corporate Centre comprises all shared services and corporate functions,
including finance and secretarial, investor relations, risk management, legal,
human resources and corporate branding and communications.
Prepared By: Shailendra Kumar Kusumbiwal
191CH045