ICICI Bank 2009 Annual Report Download - page 11
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9Annual Report 2008-2009
The Power of Belief
Savings &
Deposits
by any Member of the Bank. These documents/details will be available on the Bank’s website www.icicibank.com
and will also be available for inspection by any Member of the Bank at its Registered Office and Corporate Office
and also at the registered offices of the concerned subsidiaries. As required by Accounting Standard-21 (AS-21)
issued by the Institute of Chartered Accountants of India, the Bank’s consolidated financial statements included
in this Annual Report incorporate the accounts of its subsidiaries and other entities. A summary of key financials
of the Bank’s subsidiaries is also included in this Annual Report.
DIRECTORS
N. Vaghul retired as non-executive Chairman of the Board of Directors on completion of his term on April 30,
2009. He assumed office as Chairman & Managing Director of erstwhile ICICI Limited (ICICI) in 1985. ICICI Bank
was established in 1994 as a subsidiary of ICICI under his leadership. He laid down his executive position and
became non-executive Chairman of ICICI in 1996. He became Chairman of ICICI Bank in 2002 following the
merger of ICICI with the Bank. The Board placed on record its deep appreciation for his guidance and leadership
to the ICICI Group for over two decades, as it transformed itself from a project finance company into a diversified
financial services group.
K. V. Kamath completed his term as Managing Director & CEO on April 30, 2009. He assumed office as Managing
Director & CEO of ICICI in 1996 and became Managing Director & CEO of ICICI Bank in 2002 following the merger
of ICICI with the Bank. The Board placed on record its deep appreciation for his outstanding leadership of the
ICICI Group since 1996, and of the growth and successful diversification achieved by the Group during his tenure
as Managing Director & CEO.
The Board at its Meeting held on December 19, 2008 appointed K. V. Kamath as non-executive Chairman for a
period of five years effective May 1, 2009. Further, the Board also appointed Chanda D. Kochhar as Managing
Director & CEO for a period of five years effective May 1, 2009. Her term as Joint Managing Director & CFO expired
on March 31, 2009 and the Board approved extension of her term till April 30, 2009. Reserve Bank of India (RBI)
vide its letter dated March 12, 2009 approved the appointments/re-appointment of the following Directors of
the Bank:
Appointment of K. V. Kamath as non-executive Chairman for a period of three years w.e.f. May 1, 2009.
Re-appointment of Chanda D. Kochhar as Joint Managing Director & CFO for a period of one month w.e.f.
April 1, 2009.
Appointment of Chanda D. Kochhar as Managing Director & CEO for a period of three years w.e.f.
May 1, 2009.