The rising star of Indian Banking- Chanda Kochhar to be the next CEO of ICICI

Chanda D. Kochhar, has been named as the next CEO and MD of ICICI Bank, the largest private bank in India. She will take over its reins from Mr. K V Kamath, the larger than life figure, on 1st May 2009. Her term will last till 31st March 2014, under normal circumstances. Presented below is a brief timeline of her journey from Jodhpur to the the most coveted post:

1961	Born at Jodhpur, Rajasthan
1982	Graduated from JaiHind College as a Bachelors Degree in Arts (Economics)
1984	MMS (Finance) from the JBIMS, Mumbai; Joined ICICI as Management Trainee
1993	Part of the core team to set up ICICI as a commercial bank
1994	Promoted to Assistant General Manager
1996	Promoted to Deputy General Manager
1998	Promoted to General Manager and Head of the Major Clients Group
2000	Led ICICI Bank's entry in the Retail Banking business
2001	Took over as Executive Director
2006	Appointed as Deputy Managing Director of ICICI Bank
2008	Named the next CEO of ICICI

Chanda Kochhar started her career with ICICI in 1984, and rose to phenomenal heights, jumping from one responsibility to another. She is the CFO and Joint MD of the bank. She has been the Head of International Banking Arm, the Executive Director of Retail Banking Business, the Executive Director and Vice Chairman (ICICI Bank Canada Ltd) in the past. She has worked in various capacities since she joined as a Management Trainee. This is one of the causes of the faith the management has in her.
Ms. Chanda has been a topper since her college times. She topped her batch at JBIMS and received the Wockhardt Gold Medal for Excellence in Management Studies. She also received the J. N. Bose Gold Medal of the ICWAI (Institute of Cost and Works accounts of India). Her quest of excellence reflects in the various responsibilities she has fulfilled at ICICI.
Looking ahead at the challenges she will face and will have to meet head on, we have the declining market share of the largest private bank. The deposits of ICICI grew at just 6% this year, as compared to its close competitors like HDFC and Axis Bank. Even the interest income has been sluggish as compared to its competitors.
Another matter that needs attention is the rising Non Performing Assets (NPA) in the wake of the financial crisis in the banking-sector the world over. The percentage of Net Non-Performing Assets to Net Advance of ICICI has been increasing year on year since 2006. This sends the wrong signal to the investor and depositor community that the quality of borrowing and investment is being overlooked for an increase in profitability and market share.

(Source: Company Balance Sheets at Capitaline Databases)

Last but not the least, she will have to continue to reach out to the people in order to placate the uncertainty amidst the looming economic slowdown. We hope she stands by her saying: "One should not take challenge as a scare. Leadership capabilities and strength of an organization are best tested in challenging times."