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 sector bank, reporting to Nachiket Mor, the bank's youngest executive director.

Yesterday, ICICI Bank announced that Swaminathan had resigned. It is speculated that he will be joining Standard Chartered to head its South East Asian business.

In his place ICICI Bank has appointed Ramni Nirula. A senior general manager, based in Delhi, her portfolio currently comprises the government banking group, rural and agri banking group.

In the past Ramni Nirula was Managing Director of ICICI Bank's investment bank subsidiary, ICICI Securities and head of the Northern Region for the bank. She began her career with ICICI.