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May 8, 2001
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Money > Business Headlines > Report May 8, 2001 |
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ICICI restructures organisationBS Banking Bureau ICICI has embarked on an organisational restructuring. The term-lending institution-which has launched an operation clean up by making aggressive provisioning-has dismantled the two profit centres based on client profiles, set up in 1999, and opted for geographical zones. ICICI is also in the process of setting up a separate government and institutional group to handle businesses of Central and state governments. The ICICI board cleared the organisational recast on May 3. The institution is also in the process of appointing a chief financial officer. "With this, we are migrating to the second stage of restructuring. The new model will separate the relationship management from credit operations, following the global practice," said ICICI executive director Kalpana Morparia. The third stage of organisational recast will probably be the merger of the institution with ICICI Bank. Even though Morparia refused to comment on the issue, the Reserve Bank of India's decision to pay higher interest rate on cash reserve ratio has removed one of the roadblocks for financial institutions' conversion to banks. Two years back, ICICI had created three profit centres-major clients group (handling top 150 corporates), growth clients group (800 corporates) and a special asset management group (for sticky accounts). Now, the institution has separated credit operations from relationship management in Bombay and Delhi and created five zonal profit centres: West (headed by S Khasnobis), North (Sandip Bakshi), East (Arnab Basu), South-I consisting of Tamil Nadu and Kerala (S Bhartan) and South-II consisting of Hyderabad and Karnataka (PJV Sarma). West and South groups will report to senior general manager PH Ravikumar, while North, East and the GIG will report to Ramani Nerula. The GIG, which will focus on government businesses including the emerging business of municipal corporations, will be headed by A Karate. The institution will continue with a special asset management group which will handle the top 100 sticky assets. This group will be headed by Jaya Rao. ICICI has also created a new project and structured finance group which will have three units under it to deal with core sectors like energy and oil, telecommunications and urban infrastructure and structured finance. This group will be headed by R Kannan. All these groups will report to executive director S Mukherjee while Morparia, also an executive director, will continue to head resource operations for ICICI. The new CFO will report to Morparia. Powered by YOU MAY ALSO WANT TO READ:
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