ICICI Bank loses senior exec

Head of corporate banking resigns.

On September 22, 1999 history was created when ICICI became the first financial intermediary to list on the NYSE from Asia ex-Japan. At the time the company acknowledged that reconciling accounts with GAAP accounting standards and meeting corporate governance norms were among the most challenging NYSE requirements. Perhaps that was why shortly thereafter ICICI hired Bala Swaminathan from leading Indian accounting and audit firm, KPMG as CFO for ICICI.

On the reverse merger of ICICI into ICICI Bank in 2002, Swaminathan was one of four senior general managers in the reconstituted structure. Swaminathan went on to become country head of corporate banking for India's second largest bank and largest private...

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