ICICI Bank not foreign-owned: Kochhar

ICICI Bank on Tuesday said it cannot be termed foreign bank and is awaiting further clarification on the circular regarding new FDI norms.

Commenting on the concerns that ICICI Bank and some other domestic banks could be classified as foreign-owned in accordance with the government's new FDI guidelines, ICICI Bank Joint Managing Director Chanda Kochhar said that "nothing has changed in the ownership" to make it a foreign-owned bank.

"The shareholding pattern of the bank has remained like this for many, many years. There is nothing that has changed in the ownership pattern," Kochhar told reporters on the sidelines of an event organised by FICCI in New Delhi.

"If there is further clarification (on the circular) that can come, that is what everybody is awaiting," she said.

The government, earlier this year, came out with new guidelines for foreign direct investment, as per which total foreign holding in a company should include the stake held by Non-Resident Indians, equity through American and global depository receipts as also foreign currency convertible bonds and convertible preference shares.

'ICICI Bank has strong women brigade'

Playing down the exit of top two female executives, Kochhar said the bank has strong women brigade.

"ICICI Bank has 10,000 strong women workforce. So, I don't think there would any shortfall in the women brigade of the bank ever," Kochhar said when asked if the exit of two top female executives will have any impact.

It is to be noted that ICICI group's private equity business ICICI Ventures head Renuka Ramnath resigned last week, while ICICI Prudential Life Managing Director Shikha Sharma also quit after 28 years of service.

Both Ramnath and Sharma were reportedly in the race to ICICI Bank's top position to succeed MD & CEO K V Kamath, till joint MD Chanda Kochhar was appointed to the position late last year.

Kochhar takes over as the new MD and CEO of ICICI Bank from May 1.

Speaking about the challenges in her new role of CEO designate, Kochhar said one has to be aware of challenges and opportunities.

"So you have to be aware of two things. You have to be aware of challenges in the environment and at the same time you have to be aware of what are the opportunities," she said.

There are enough challenges and there are enough opportunities, she said, adding, one has to maintain balance between these two.