M N Shenoi Quits Icici Bank

ICICI Bank has lost its first senior executive post since its reverse merger with ICICI. M N Shenoi, general manager (retail banking), has put in his papers. He is set to join a new private bank to be floated soon. The bank has already got the Reserve Bank of India's in-principle approval for starting business.

Shenoi put in his papers last week. He was directly reporting to executive director Chanda Kochhar who is in charge of the retail initiative of the bank. Shenoi, who was formally designated as senior executive vice-president, was in charge of the retail banking strategy and new product group in the revised structure put in place, post-merger.

 

According to sources, post merger of ICICI into ICICI Bank there has been a general resentment in the bank. Executives at the senior level as well as the middle management level were reportedly unhappy as they feel that they are now reporting to executives (of the former financial institution) with lesser banking experience.

According to placement agencies, a number of mid-management staff including branch managers are on the look out for jobs.

ICICI executive director Kalpana Morparia said: "Only one out of 8,000 ICICI Bank employees has quit. Nobody else has quit." Shenoi was not available for comment.

Post-merger, the organisation structure of the erstwhile ICICI had been kept in place, while the grades of ICICI Bank, ICICI Personal Finance Services and ICICI Capital Services has been fitted into ICICI. Not many erstwhile ICICI Bank employees have been posted at the senior level of the merged entity, where employees of the term-lending institution have stood to gain.

Under the revised structure, ICICI Bank has four senior general managers -- Bala Swaminathan (CFO), PH Ravi Kumar (heading the agriculture and SME sector), Sanjeev Karkare (heads organisation excellence group) and Ramni Nirula (heads government solutions and corporate solutions group). Kumar initially was at ICICI Bank and was transferred to ICICI a year back.