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Lalita Gupte to head ICICI's global business

BS Banking Bureau

Term lending institution ICICI Ltd has made Lalita D Gupte joint managing director and chief operating officer the head of its international business.

Gupte, redesignated as JMD and COO, international business, is likely to be based in New York. She is expected to build her own team to give shape to ICICI's dream of going global.

Industry sources, however, said Gupte is not happy with her latest assignment which does not envisage any role for her in ICICI's growing domestic operations. She was not available for comment.

With Gupte shifted to international operations with effect from July 1, two existing executive directors, S Mukherji and Kalpana Morparia, will directly report to ICICI managing director and CEO KV Kamath.

Mukherji will now head the entire corporate business segment while Morparia will oversee resources, treasury and other services.

The decision to make Gupte the head of global business was taken at the ICICI board meeting on June 26. The group is planning to take an integrated approach towards its global business and attain the critical mass by 2005.

In the ICICI family, ICICI Infotech has a global presence while its brokerage arm I-Sec has a US registration.

ICICI Bank has also recently got the Reserve Bank of India nod for setting up representative offices in London and New York. The new global business unit will follow an integrated approach with a strong focus on the NRI community.

Sources said the move to set up this business group was mooted in March but Gupte was not too keen to head the show. Finally, in the last week of June, the ICICI board formalised her new assignment. Sources even do not rule out Gupte calling it a day in ICICI in the near future.

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