Chanda Kochhar to be new ICICI CEO

Chanda Kochhar, ICICI Bank’s joint MD is to take over as the bank's CEO and MD from May 2009. KV Kamath would take over as non-executive chairman in place of N Vaghul, who would retire from the Board on completion of his current term on April 30, 2009. The change is subject to the approval of the Reserve Bank of India (RBI) and the shareholders. Kamath will be non-executive chairman of the ICICI Bank Board for five years effective May 1, 2009. "We currently have 1400 branches and has received licences from the RBI to set up 600 more branches. By March 2009, we are planning for a growth rate of 5-10%," Kochhar said. "I see interest rate correction in 2009. As interest rate softens, there is more opportunities for banking industry," she added. Lending rate will come down to single digits in a year and predicted attractive opportunities in treasury operations in the soft interest rate regime, Kamath said. "Single digit lending rate and double-digit growth is what we should look forward to one year from now," Kamath said.