Date:20/10/2007 URL: http://www.thehindubusinessline.com/2007/10/20/stories/2007102052140600.htm

ICICI Bank board okays Foundation for philanthropy

Dr Nachiket Mor

Our Bureau

Mumbai, Oct. 19 The board of directors of ICICI Bank has approved the establishment of ICICI Foundation for inclusive growth, subject to the required approvals. The Foundation would integrate, consolidate and scale up the group’s existing initiatives in the area of philanthropy and development, said a press release from the bank.

Dr Nachiket Mor would be the President of the Foundation and would assume full-time responsibility for its establishment and operations. The board has also appointed Ms Chanda Kochhar, Deputy Managing Director as the Joint Managing Director and Chief Financial Officer of ICICI Bank.

Mr V. Vaidyanathan, Executive Director, will take over responsibility for rural banking in addition to his current responsibility of retail banking and Mr Sonjoy Chatterjee, presently Managing Director and Chief Executive Officer of ICICI Bank UK plc will be the Executive Director, ICICI Bank, effective October 22, subject to RBI approval.

The board has also recommended the appointment of Ms Vishakha Mulye, Group Chief Financial Officer, as Executive Director of ICICI General subject to approvals.