SM ICICI Change Management Free

Chapter 1

INTRODUCTION

11 Concept of Change

Changing is the regulation of nature Any business organization undergoes change on

a continuous basis technically termed as Corporate Restructuring It can be defined as

a strategy to achieve faster growth desired capital structure and change in the

ownership and control of company The reasons behind change may be external or

internal factors In the present scenario business organization undertakes changes to

increase their cutting edge over the competition and enhance their leadership

positions It is a fundamental fact of finance that growth and capital employed are two

basic drivers of the value of an organization On the other hand neither growth nor

improvement in ROCE is possible unless the company is under the control of

competent progressive and visionary management The present paper is an attempt to

understand the strategic move of ICICI bank The case study will reveal the motives

behind and synergies from such MampA activities An attempt has been made to

analyze ldquoIs corporate restructuring a tool to enhance the shareholders valuerdquo This

entire case study is about the implementation of change in ICICI Bank Kundapur

Vaman Kamath is the man most credited with building the Industrial Credit and

Investment Corporation of India Ltd (ICICI) Mumbai into Indias largest private

sector bank When he took over as CEO and managing director in 1996 ICICI had

total assets of Rs 21000 crores

In April 2009 when Kamath 61 handed over the reins to Chanda Kochhar and took

over as its non executive chairman ICICIs total assets had grown to a whopping Rs

380000 crores with an annual profit of Rs 3750 crores The visionary banker saw

opportunities in both retail and corporate lending that few of his contemporaries

thought existed and in doing so changed the face of banking in India Kamath

introduced massive changes (Planned change) in the organizational structure

stimulate innovation empowered employees and introduce work teams and the

emphasis of the organization changed from a development bank mode to that of a

market-driven financial conglomerate

Change Management

12 Principles of Change

a) Challenging emotions should be greater than positive emotions

b) Change only happens when each person makes a decision to implement the

change

c) Confidence of getting tough anywhere

d) Truth is more important during periods of change and uncertainty than arsquo good

news

e) People who work are capable of doing much more than they are doing

f) The intrinsic rewards of a project are often more important than the material

rewards and recognition

g) Donrsquot force change on anyone

h) The change process must be linked to business and performance goals

i) The change process involves both organizational and personal participation

13 Challenges of Changes

a) Involves new procedures

b) Leadership - changing the running of an organization from a command and

control nature of management to the nurturing and motivational nature of

leadership

c) Focus - making business choices to bring alignment and focus to the

organization

d) Commitment - creating commitment to the future of the enterprise throughout

the organization

e) Resistance- Resistance is a complex entity that directly affects the outcomes of

change both positively and negatively

Change Management Page 2

14 Eight Steps to Successful Change- John P Kotter

a) Increase urgency - Inspire people to move make objectives real and relevant

b) Build the guiding team - Get the right people in place with the right

emotional commitment and the right mix of skills and levels

c) Get the vision right - Get the team to establish a simple vision and strategy

focus on emotional and creative aspects necessary to drive service and

efficiency

d) Communicate for buy-in - Involve as many people as possible communicate

the essentials simply and to appeal and respond to peoples needs De-clutter

communications - make technology work for you rather than against

e) Empower actions - Remove obstacles enable constructive feedback and lots

of support from leaders - reward and recognise progress and achievements

f) Create short-term wins - Set aims that are easy to achieve - in bite-size

chunks Manageable numbers of initiatives Finish current stages before

starting new ones

g) Dont let up - Foster and encourage determination and persistence - ongoing

change - encourage ongoing progress reporting - highlight achieved and future

milestones

h) Make change stick - Reinforce the value of successful change via

recruitment promotion and new change leaders Weave change into culture


15 Kurt-Lewinrsquos Change Model

ICICI has followed some of the scheme and models for managing change in the

organization One models followed by the organization as well as lines of Kurt

Lewins three phases has this model has three stages in the managing process when

the changes in the organization

Unlock This is the largest three phases of the model This step gives the details of the

preparatory steps to the changes taking place in the organization It also explains how

to prepare for change decision to stay in the situation or to make changes and leave

the comfort zone Melt occur and contribute to changes in the organization not only

do not want all the possible consequences that a change has occurred in front of them

Simply put it is defined by the organization to ensure the motivation of employees

business processes and strategies to ensure the full output of the entire fruit

Motion If the organization ready to move for change and are willing to explore new

opportunities for others and the direction they need to be forward This phase includes

the creation of third time to new values principles develop the changes defined in the

organization Sometimes this may mean changes in the structural forms and processes

to support the proposal that the organization change

Re-freeze If you have recently strategies to the core processes of organizational

changes adopted amendment shall be frozen Some system supports such as the

evaluation system to reward other cultures and sub-systems within the company are

being considered to support the acquisition of new functions and actions The process

of re-freezing allows the organization to achieve higher levels of symmetry through

the institutionalization of organizational change (D B K Srivastava 2007)


Kurt Lewinrsquos model of change

Stage Characteristics Organizational impact

UnfreezingPeople in the organization made aware of problemsperformance gap and need for change

This diagnosis stage is often driven by a change agent

ChangingPeople experiment with new workplace behavior to deal with needed change

This intervention stage features specific training plans for managers and employees

RefreezingPeople employ new skills and attitudes and are rewarded by organization

Changes are institutionalized in the corporate culture


Chapter 2

COMPANY PROFILE

21 Background

ICICI Bank is Indiarsquosrsquo second largest bank with over 50 years of financial experience

and 14 million customers worldwide Today ICICI Bank is a global bank with its

presence in 18 countries across the globe ICICI Bank is the most valuable bank in

India in terms of market capitalization and is also ranked second amongst all the

companies listed on the Indian stock exchanges

ICICI Bank is the first Indian company to be listed on the New York Stock Exchange

and is a part of the well-established and hugely successful ICICI Group The ICICI

Group has expertise in many financial services from banking to broking mutual funds

to insurance home loans venture funds and much more The Group is the largest

consumer credit provider and the largest private sector life and general insurer in

India with diverse products and varying expertise

ICICI was established by the Government of India in 1955 as a public limited

company to promote industrial development in India ICICI Bank was originally

promoted in1994 by ICICI Limited an Indian financial institution and was its wholly

owned subsidiary The major institutional shareholders were the Unit Trust of India

(UTI) the Life Insurance Corporation of India (LIC) and the General Insurance

Corporation of India (GIC) and its subsidiaries The equity of the corporation was

supplemented by borrowings from the Government of India the World Bank the

Development Loan Fund (now merged with the Agency for International

Development) Kreditanstalt fur Wiederaufbau (an agency of the Government of

Germany) the UK government and the Industrial Development Bank of India (IDBI)

22 Objectives

bull assist in creation expansion and modernization of enterpriseshttpskillmattersin

bull encourage and promote the participation of private capital both internal and external

bull take up the ownership of industrial investment and

bull expand the investment markets


23 History of ICICI

1 In 1955- ICICI was established as a public limited company by the Government of

India to promote industrial development in India

2 In mid 1980s ICICI diversified rapidly into areas like merchant banking and

retailing

3 In 1987 ICICI co-promoted Indias first credit rating agency Credit Rating and

Information Services of India Limited (CRISIL) to rate debt obligations of Indian

companies

4 In 1988 ICICI promoted Indias first venture capital company ndash Technology

Development and Information Company of India Limited (TDICI)

5 In 1992 ICICI tied up with J P Morgan of the US to form an investment banking

company ICICI Securities Limited In line with its vision of becoming a universal

bank

6 In 1998 ICICI restructured its business based on the recommendations of

consultants McKinsey amp Co

7 2001 ICICI acquired Bank of Madura (est 1943) Bank of Madura was a Chettiar

bank and had acquired Chettinad Mercantile Bank (est 1933) and Illanji Bank

(established 1904) in the 1960s

8 2002 The Boards of Directors of ICICI and ICICI Bank approved the reverse

merger of ICICI ICICI PeIn May 1996 Kamath returned to ICICI as its Managing

Director and Chief Executive Officer Kamath was instrumental in expanding the

Groups services to the retail customers He initiated a process of a series of

acquisitions of non-banking finance companies in 1996-98 and led the way to the

formation of ICICI Bankrsonal Financial Services Limited and ICICI Capital Services

Limited into ICICI Bank After receiving all necessary regulatory approvals ICICI

integrated the groups financing and banking operations both wholesale and retail

into a single entity

9 Also in 2002 ICICI Bank bought the Shimla and Darjeeling branches that Standard

Chartered Bank had inherited when it acquired Grindlays Bank

10 ICICI started its international expansion by opening representative offices in New

York and London


11 2003 ICICI opened subsidiaries in Canada and the United Kingdom (UK) and in

the UK it established an alliance with Lloyds TSB

12 It also opened an Offshore Banking Unit (OBU) in Singapore and representative

offices in Dubai and Shanghai

13 2004 ICICI opens a rep office in Bangladesh to tap the extensive trade between

that country India and South Africa

ICICI is the one which has fast change in the Indian organization It is above

all the plans for development on the grounds that as already predicted to convey the

challenges in the coming future and the issues potential that were faced by the

changes management Is not with the results of this organization is known that the

success of managing and controlling the problem by appointing staff Kamath actions

ICICI has been suffering issues internally to organizational change Internal problems

must be the main driver of organization changes There are many problems which

have to be determined by the organization changes as well the obstacles that the

organization has to go through its journey The ICICI has undergone many changes

from its date of establishment the changes were regarding the economic and other

which are occurring in the market few analysis of ICICI for the determination of

change in the drivers of organization The organization has been in-sell and cross-sell

products and services aggressively going to the second largest bank and the

institution In its 90-in Safety and finance joint venture is one of the organizations

such as JP Morgan the company is known for the same configuration Asset

Management These are all previous phases of development now occur in the further

years various union trades and the organization joint force ICICI is a one of the

leading provider of private organizations products and services to customers in

various fields the innovative reputation strength of finance and culture along a

general All these features changes in the organization of organizations to embrace


Chapter 3

SWOT ANALYSIS OF ICICI

SWOT analysis is conducted organizational strengths and weaknesses opportunities

and risks that development organization that is used to estimate the potential impact

of aggressive companies are analyzed This process allows the organization to the

strategy is accepted and recognized standards in their markets which assist the

organization to construct their schemes for overcoming some mistakes in the

government The following are the strengths and weakness analysis of ICICI bank to

understand better the positioning of the bank

31 STRENGHTS

1 Brand Name

ICICI Bank has earned a reputation in the market for extending quality services to the

market vis-agrave-vis its competitors It has earned a strong Brand name in banking in a

very short span of time

2 Market Share

ICICI Bank has the largest market share of 34 in the IT amp ITES industry in

Hyderabad according to our survey (within the limitation of the sample size)

3 Huge Network

There many branches of ICICI in India ICICI stores are about 500 and its ATMs are

1800 in India therefore the service quality to the customers around the stateICICI

Bank has the highest number of linked branches in the country The bank operates

through a network of 450 branches and over 1800ATMs across India thus enabling

them to serve customer in better way

4 Diversified Portfolio

ICICI Bank has all the products under its belt which help it to extend the relationship

with existing customer ICICI Bank has umbrella of products to offer their customers

if once customer has relationship with the bank Some Products which ICICI Bank is

offering arebull Retail Bankingbull Business Bankingbull Merchant Establishment Services

(EDC Machine)bull Personal loans amp Car loansbull Demat Services with E-Brokingbull

Mutual Fund (ICICI Bank is the Distributor of all Mutual Fund)bull Insurancebull Housing

Loans


5 Salary Account

One very interesting thing that we have observed in our survey is that ICICI is having an edge

over other banks in case of Salary Account Most of the companies are having their

Salary Account with ICICI even if their Current Account is with any other Bank This

is mainly because of the huge network of ATMs and branches of ICICI

6 Working Hours

ICICI is the only bank which is having its working hours from 8to 8 which is one of

the major strength of ICICI Bank with respect to IT amp ITES Industry

As most of the IT amp ITES companies are global players and their Parent company is

in US so they have to work according to their office time Thus some have their

Office time in the morning and some have it in the evening so if the working hour of

the bank is 8 to 8 it is very convenient for them

7 Treasury Department

ICICI is the only bank which is having its treasury department especially for

Hyderabad Customers So customers can get the best rates for foreign exchange

8 Aggressive Marketing

ICICI Bank is known for its aggressive marketing of its products Recent

Endorsement of its product by AMITABH BAHCHAN proves the same This gives

ICICI an edge over other banks

9 Technology

From its inception ICICI Bank has adopted a policy of selecting internationally

proven and specialized Packaged Systems for its technology ICICI bankrsquos technology

platform has been acknowledged globally as one of the best in terms of robustness

flexibility and cost efficiency ICICI Bank is in a position to leverage this platform to

further build cost and service advantage


32 WEAKNESS

1 Transaction Cost

ICICI Bank charges high cost for its transactions Throughout data analysis we have

find out that most of the small companies prefer nationalized banks only because of

this cost factor Also the group has found out that there are companies which are

going for multi bank system ie they are using only those facilities of ICICI Bank

which are provided at cheaper rates and for other services they are going to

nationalize banks and MNCs So there exists a huge potential for ICICI Bank if they

are ready to make their transaction cost flexible

2 Focus Only On High End Customers

The bank targets only the top bracket of clients and does not cater to the needs of

small customers Due to this reason the bank may sometimes loose good clients

3 Defensive Approach in Lending

ICICI Bank has a defensive approach in lending Mainly to IT amp ITES companies

Bank do not provide loan as these companies are not having collaterals so bank

hesitate in giving loans to them Because of this policy companies prefer nationalized

banks and ICICI Bank in turn sometimes loose potential customers

4 Little Presence Outside India

ICICI Bank is having little presence outside India because of which companies prefer

MNC Bank mainly Citibank So if ICICI Bank tries to emerge outside India then it

has a huge potential of customers

5 Poor Customer CareService

With its aggressive marketing ICICI Bank is rapidly increasing its customer base

They are not however increasing the number of employees accordingly This is

leading to deterioration of the standard of customer service


33 OPPORTUNITIES

1 IT and ITES

ICICI is the future of the market and the large untapped in India in sectors of IT and

ITES The current bank dissatisfaction that many Indian institutions in India are not

very much satisfied at this time it can convert their opportunities in ICICI

2 Consultation with Small Businesses

Business advising for smaller Players The analysis has also indicated that the concept

of business advising though very popular with the higher end players is virtually

nonexistent in the lower end of the market ICICI should take this opportunity to

provide business advising to the smaller companies at competitive rates and try to

take the first mover advantage How much of the banks to focus on business

consulting for small businesses that ICICI to obtain is the opportunity for all business

categories

3 Remittances

From the analysis group has also found out that ICICI bank has very little presence as

far as the EEFC account is concerned Companies prefer to bank with MNCs (which

have greater presence in the foreign countries) and nationalized banks (which

according to the companies provide lower transaction rates) to get their inward

remittances in spite of ICICI being providing one of the most competitive rates So

the bank can promote its EEFC account better and get the key to the door of huge

potential market


34 THREAT

1 Company bank increased MNC

The Indian government friendly lot of MNC banks are now increasing threat to banks

such as ICICI in India This will certainly increase competition which in turn leads to

potential threats in ICICI in the market place

2 Nationalization in bank development

With PSU banks like SBI going all out to compete with the private banks and

government giving them a free hand to do so it can prove to be serious threat for

banks like ICICI The fee has been granted by the bank practical significance for a

number of nationalized banks in India like SBI which is considered a serious threat to

ICICI as they compete with them

3 Customer dissatisfaction

This is the biggest threat and vulnerability ICICI It was observed that many of the

organizations and customers who use the services of ICICI satisfied with the services

of ICICI This should be regarded as a serious problem and customers are not

satisfied by other banks that offer better products and services to their customers


Chapter 4CHANGE MANAGEMENT AT ICICI

41 OverviewThe story of ICICI Bank indeed is quite exciting as we look into how the

company has internationalized its business vis-a-vis the other banks from India With

the least number of international bank branches as compared to many of the other

Indian banks it stands tall in terms of its share of international business especially in

the foreign remittance business In a short period of time it has grown to be the

largest bank in the private sector with a global foot print Its share of international

remittance business among the banks in India has risen from 4 in 2003-04 to about

30 today while retaining over 75 of the total online international remittance

business in India

ICICI has not changed much over the past five years It was a great success in

managing change within an organization Begin to compete with banks in India to

meet their market position The use of the agency has become an important union

with the server and that the policies implemented by management ICICI has

improved its market position and offers a variety of products and services to

customers In recent years trust and customer satisfaction after purchase missing

Since technology is the application of certain services by sharing new technologies

has changed as a result of their service is quick and easy Because of these changes

can not invest in ICICI in the past five years and confidence in the market in the same

situation over the next five years to do it again Changed their business processes

strengthening of some units and some of its services powerful body for all categories

of its customers

Another of the challenges of change management that the organization has suffered as

their client is more pronounced than before the service provision of various services

because this method if the needs of any customer service three sections which are

separated and fresh This process can lead to times where there is the possibility that

customer off to another service provider of company This will ultimately lead to

customers losing organization All of these challenges and ICICI conducted during the

last five years and has one of the largest banks in India

Not only was the company faced with the challenge of competition from other

established players in the industry but also from potential customers for international

banking and remittance business In fact when KV Kamath took over as the CEO of


ICICI Bank in 1996 the banking industry in India was fast changing with several

banking deregulations underway and increasing competition in the market Around

this time the bank had a high employee turnover to the extent that it could destabilize

the operations of the bank Kamath wondered how to manage the manpower He also

wondered if technology was a solution to handle some of these problems and would it

also help in the companyrsquos growth plans ICICI as an organization is divided into six

major product divisions like Retail Banking International Banking Rural Micro-

Banking and Agri-Business Government Banking and Corporate Centre Kamath

identified the main problem as the companys ignorance regarding the nuances of

lending practices in newly opened sectors like infrastructure The change program

was initiated within the organization Organization changed from a development

bank1 mode to that of a market-driven financial conglomerate

The Key Objectives of the Change In ICICI

A number of objectives and problems in the organization who are agreeable to pay

ICICI were ready to change The mainly three issues that have caused five years in the

change of atrophy were ICICI relatives and lateral adjustment With the Kamath

ICICI has seen various organization changes Kamath said that workers will lose

effect on the world of work They follow some of the strategies to overcome this

problem by the scoring system in the organization He started the distribution of their

benefits to workers who stop too lazy and committed to their work Prior to ICICI

employees is not a five-point scale effectively They change the process of concluding

a five-point scale and graded according to the performance

This is degree two percent and three percent of workers increased from creation Is

observed even in the organization uses a DOS-based technology as it becomes

available from new technologies (KV Kamath 2005)

Kamath and the process have changed the basis of Oracle to improve business

processes in improving the interface of user

Other change drivers in 90 days of a public company ICICI process with INT

Kamath This states the rule that all start to implement a project or task within 90 days

of start date 90-day rule developed by businessmen who have started their business in

Silicon Valley do The employer must be designed constructed and to use the

product on the market and have lost 90 days of competition This is a strategy ICICI


will take to complete the projects at hand to win the race competitive in this world In

the Kamath seminar visit to New York this strategy has attracted decided to take the

organization As this rule is three years six months able to complete 12 of almost all

projects are following the strategy ICICI rule of 90 days However this strategy has

found a good knowledge of the organization to finish the projects in time with the

output product perfectly

There are some factors of internal that have covered the way for changes in the

organization over the past 5 years All these changes are to win the competition in the

market of Indian and the size of the wholesale and retail market These changes have

led to the source s part of the business challenges of process management Above all

ICICI these changes have made some changes to business processes the customers

needs ICICI creation of development fund the club IFCI IDBI and ICICI to

participate because of the changes in the sector of finance has decided to do a service

to stop ICICI as its customers The Ministry has decided to make these measures

should apply to all financial institutions to provide services to clients was not a low-

budget scenario or discriminatory In this situation at the beginning of a change in the

organization in the preparation of O amp G (oil and gas) IIG (Group Infrastructure)

DES (Structured Products Group) and DTP (Planning and Finance) held for the

provision of loans to customers For food processing to control sections have heard

some of these experts for their current employees Following this process the most

talented group offers business centers and the attention given to them over the

branches Because many of these workers have a complaint after being informed by

the managers must have to be in the group of business or otherwise go out of the

organization

42 Organization Divided In Groups

Infrastructure group (IIG)

Oil amp gas group (OampG)

Planning and treasury department (PTD)

Structured products group (SPG)


43 Top Management Change at ICICI

V Vaidyana executive director ICICI Bank was appointed as MD amp CEO of ICICI

Prudential Life Insurance Company (ICICI Life) He took over from Shikha Sharma

last year

Sandeep Bakhshi MD amp CEO ICICI Lombard General Insurance Company (ICICI

General) was appointed as ED of ICICI Bank and is responsible for retail and rural

banking Mr Bakshis post was filled by Bhargav Dasgupta ED ICICI Life

Chanda Kochhar who took over as MD amp CEO ICICI Bank from May 1 was also

appointed as non-executive chairperson of ICICI Life ICICI General ICICI

Prudential Asset Management Company (ICICI AMC) ICICI Securities ICICI Bank

UK PLC and ICICI Bank Canada She assumed charge after the banks MD amp CEO

KV Kamath stepped down on April 30 2009 and assumed office as non-executive

chairman of the Board effective May 1 2009 N Vaghul retired as non-executive

chairman of the bank on April 30 2009

44 Operations Focus on Customers

ICICI set up three new departments

1) Major client group (MCG)

bull A staff of about 30-40 people

bull Handled top 100 customers of ICICI

2) Growth client group (GCG)

bull A staff of about 60 people

bull Looked after the needs of mid-size companies

3) Personal finance group


Chapter 5

THE CHANGE LEADER

In May 1996 KV Kamath (Kamath) replaced Narayan Vaghul (Vaghul) CEO of

Indias leading financial services company Industrial Credit and Investment

Corporation of India (ICICI) Immediately after taking charge Kamath introduced

massive changes in the organizational structure and the emphasis of the organization

changed from a development bank1 mode to that of a market-driven financial

conglomerate

Kamaths moves were prompted by his decision to create new divisions to tap new

markets and to introduce flexibility in the organization to increase its ability to

respond to market changes Necessitated because of the organizations new-found aim

of becoming a financial powerhouse the large-scale changes caused enormous

tension within the organization The systems within the company soon were in a state

of stress Employees were finding the changes unacceptable as learning new skills and

adapting to the process orientation was proving difficult But the top management of

ICICI Bank seems to have had a clear reason for the expansion of its business world-

wide as can be seen from the statement below

What role am I supposed to play in this ever-changing entity Has anyone worked

out the basis on which roles are being allocated today

- A middle level ICICI manager in 1998

We do put people under stress by raising the bar constantly That is the only way to

ensure that performers lead the change process

- K V Kamath MD amp CEO ICICI in 1998

When K V Kamath came back from ADB (Asian Development Bank)in

1996working there for 8 enriching years Kamath have seen the changes occurring in

the financial sector abroad wanted ICICI to become a one-stop shop for financial

services But there were basic problems in the organization like- ignorance in the

organization about the lending practices in the new sectors like infrastructure

problem of atrophy ( which was deep rooted in the organization) lack of motivation


to grow and improve customer services and adapt to new technology( use of internet

ATM for fast services)

So he initiated the change within the organization The first move being the creation

of the infrastructure group (IIG) oil amp gas group (OampG) planning and treasury

department (PTD) and the structured products group (SPG) as the lending practices

were quite different for all of these As these new groups took on the key tasks a

majority of the work along with a lot of good talent shifted to the corporate center

While the zonal offices continued to do the same work - disbursing loans to

corporates in the same region - their importance within the organization seemed to

have diminished

Another change management problem surfaced as a result of ICICIs decision to focus

its operations much more sharply around its customers To tackle this problem ICICI

set up three new departments major client group (MCG) growth client group (GCG)

and personal finance group In the major client group a staff of about 30-40 people

handled the needs of the top 100 customers of ICICI On the other hand about 60

people manned the growth client group which looked after the needs of mid-size

companies Obviously the bigger clients required more diverse kinds of services So

working in MCG offered better exposure and bigger orders

This movement has challenged the status quo of the organization And act as a

catalyst to resistance toward the change as it is threat to established power

relationships threat to expertise The management had tremendous resistance in the

first year People were willing to come to blows and there were emotional

breakdowns also Change Challenges

The changes also brought in a lot of confusion among the employees with media

reports frequently carrying quotes from disgruntled ICICI employees According to

analysts a large section of employees began feeling alienated The discontentment

among employees further increased when Kamath formed specialist groups within

ICICI like the structured projects and infrastructure group

Doubts were soon raised regarding whether Kamath had gone too fast too soon and

more importantly whether he would be able to steer the employees and the

organization through the changes he had initiated


Chapter 6

DEREGULATION CHALLENGES

ICICI was a part of the club of developmental finance institutions (DFIs -

ICICI IDBI and IFCI) who were the sole providers of long-term funds to the Indian

industry If the requirement was large all three pooled in the money However the

deregulation beginning in the early 1990s allowed Indian corporates to raise long-

term funds abroad putting an end to the DFI monopoly The government also stopped

giving DFIs subsidized funds Eventually in 1997 the practice of consortium lending

by DFIs was phased out

It was amidst this new found independent status that Kamath who had been

away from ICICI for eight years working abroad returned to the helm At this point

of time ICICI had limited expertise with its key activity being the disbursement of

eight-year loans to big clients like Reliance Industries and Telco through its nine

zonal offices In effect the company had one basic product and a customer

orientation which was largely regional in nature

Kamath having seen the changes occurring in the financial sector abroad

wanted ICICI to become a one-stop shop for financial services He realized that in the

deregulated environment ICICI was neither a low-cost player nor was it a

differentiator in terms of customer service The Indian commercial banks cost of

funds was much lower and the foreign banks were much savvier when it came to

understanding customer needs and developing solutions Kamath identified the main

problem as the companys ignorance regarding the nuances of lending practices in

newly opened sectors like infrastructure

Steps taken to overcome challenges

The change program was initiated within the organization the first move

being the creation of the infrastructure group (IIG) oil amp gas group (OampG)

planning and treasury department (PTD) and the structured products group

(SPG) as the lending practices were quite different for all of these Kamath

picked up people from various departments who he was told were good for

these groups


The approach towards creating these new skill sets however led to one

unintended consequence As these new groups took on the key tasks a

majority of the work along with a lot of good talent shifted to the corporate

center While the zonal offices continued to do the same work - disbursing

loans to corporates in the same region - their importance within the

organization seemed to have diminished An ex-employee remarked The

way to get noticed inside ICICI after 1996 has been to attach yourself to

people who were heading these (IIG PTD SPG OampG) departments These

groups were seen as the thrust areas and if you worked in the zones it was

difficult to be noticed

Another change management problem surfaced as a result of ICICIs decision

to focus its operations much more sharply around its customers In the system

prevailing if a client had three different requirements from ICICI he had to

approach the relevant departments separately The process was time

consuming and there was a danger that the client would take a portion of that

business elsewhere To tackle this problem ICICI set up three new

departments major client group (MCG) growth client group (GCG) and

personal finance group Now the customer talked only to his representative in

MCG or GCG And these representatives in turn found out which ICICI

department could do the job

Though the customers seemed to be happy about this new arrangement people

within the organization found it unacceptable In the major client group a staff

of about 30-40 people handled the needs of the top 100 customers of ICICI

On the other hand about 60 people manned the growth client group which

looked after the needs of mid-size companies Obviously the bigger clients

required more diverse kinds of services So working in MCG offered better

exposure and bigger orders The net effect was that the MCG executive ended

up doing more business than the GCG executive A middle-level manager at

ICICI commented The bosses may call it handling growth clients but the

GCG manager is actually chasing non-performing assets (NPA) and Board of

Industrial and Financial Restructuring (BIFR) cases


Kamath was quick to deny this allegation as well Just because somebody is

within the MCG does not guarantee him success And these assignments are

not permanent Todays MCG man could easily by tomorrows GCG person

and vice-versa Complaints against these changes put in continued and ICICI

was blamed for not putting in adequate systems in place to develop the right

people The manner which ICICI recognized an individuals efforts - the

feedback process - was also questioned A manager remarked Last year the

bonuses varied from Rs 30000 to Rs 250000 depending on the performance

In many cases the appraisal scores were same but the bonus amount was not

And we were not told why

With Kamaths stated objective to make ICICI provide almost every financial

service separating the customer service people from the product development

groups was another problem area In the current scheme of things an MCG or

GCG person acted as a clients representative inside ICICI The MCG or GCG

person understood the clients need and got the relevant internal skill

department to develop a solution Unlike foreign banks there were no

demarcations between these internal skill groups and client service person

(Demarcation helped in preventing an internal skills person from cannibalizing

business being developed by the client service group) With no such systems

in place at ICICI this distorted the compensation packages between the

competing divisions

While Kamaths comments in the media seemed to dismiss many of the

employee complaints ICICI was in fact putting in place a host of measures to

check this unrest One of the first initiatives was regarding imparting new

skills to existing employees Training programmes and seminars were

conducted for around 257 officers by external agencies covering different

areas

In addition in-house training programmes were conducted in Pune and

Mumbai During 1995-96 around 35 officers were nominated for overseas

training programmes organized by universities in the US and Europe ICICI

also introduced a two-year Graduates Management Training Programme

(GMTP) for officers in the Junior Management grades Along with the training

to the employees management also took steps to set right the reward system


To avoid the negative impact of profit center approach wherein pressure to

show profits might affect standards of integrity within an organization

management ensured that rewards were related to group performance and not

individual performances To reward individual star performers the method of

selecting a star performer was made transparent This made it clear that there

would be closer relationship between performance and reward

However it was reported that pressure on accountability triggered off some levels

of anxiety within ICICI which resulted in a lot of stress in human relationships

Dismissing reports of upsetting people Kamath said much of the restructuring plan

has come from the bottom ICICI also reviewed the compensation structure in place

Two types of remuneration were considered - a contract basis which would attract

risk-takers and a tenure-based compensation which would be appealing to employees

who wanted security Kamath accepted that ICICI had been a bit slow on completing

the employee feedback process Soon a 360-degree appraisal system was put in place

whereby an individual was assessed by his peers seniors and subordinates As a result

of the above measures the employee unrest gradually gave way to a much more

relaxed atmosphere within the company


Chapter 7

MERGER CHALLENGES

By 2000 ICICI had emerged as the second largest financial institution in India with

assets worth Rs 582 billion The company had eight subsidiaries providing various

financial services and was present in almost all the areas of financial services

medium and long term lending investment and commercial banking venture capital

financing consultancy and advisory services debenture trusteeship and custodial

services

ICICI had to face change resistance once again in December 2000 when ICICI Bank

was merged with Bank of Madura (BoM) Though ICICI Bank was nearly three times

the size of BoM its staff strength was only 1400 as against BoMs 2500 Half of

BoMs personnel were clerks and around 350 were subordinate staff There were large

differences in profiles grades designations and salaries of personnel in the two

entities

It was also reported that there was uneasiness among the staff of BoM as they felt that

ICICI would push up the productivity per employee to match the levels of ICICI7

BoM employees feared that their positions would come in for a closer scrutiny They

were not sure whether the rural branches would continue or not as ICICIs business

was largely urban-oriented The apprehensions of the BoM employees seemed to be

justified as the working culture at ICICI and BoM were quite different and the

emphasis of the respective management was also different While BoM management

concentrated on the overall profitability of the Bank ICICI management turned all its

departments into individual profit centers and bonus for employees was given on the

performance of individual profit center rather than profits of whole organization

ICICI not only put in place a host of measures to technologically upgrade the BoM

branches to ICICIs standards but also paid special attention to facilitate a smooth

cultural integration The company appointed consultants Hewitt8 Associates to help in

working out a uniform compensation and work culture and to take care of any change

management problems


71 POST MERGING CHALLENGES

The amalgamation of ICICI bank with BoM came in to effect on August 13 2010

when RBI approved the deal The key issues that hindered the proposed merger have

been discussed earlier now the focus of ICICI bank should be on followings-

a) HR ISSUES Human capital has always being a major concern for the merging

firms The integration of human resource of both the entities sets the path of growth

through synergy Work cultures have always differed from organization to

organization To cope up with the change depends on the ability of the organization

and its problem solving approach In the amalgamation of ICICI bank and BoR the

issue related to the fear in the minds of employees of being sacked by the transferee

bank should be considered as major challenge after merger It was already assured by

Ms Chanda Kochhar CEO and Managing Director of ICICI bank that no employee

will lose job after merger

b) RISK OF DETERIORATION OF QUALITY OF ASSET As Bank of

Rajasthan have members of branch in the interior and rural area of Rajasthan number

of loans disbursed to agricultural workers and the low profile people of the rural

areas In future there may be problem of recovery and chances of delinquency of such

pre merge loans by Bank of Rajasthan It may increase the NPA in the near future

c) LEVERAGE AND SYNERGY Before the deal announcement the share price of

the ICICI bank was Rs 889 where the swap ratio implied substantial premium to the

Bank of Rajasthan‟s present price which was almost 89 higher Do this high amount

paid for synergy The major challenge before this merger deal would be to gain

synergies which could be in any flow such as cost optimization through better

negotiation with vendors economies of scale eliminating overlaps and many more

Secondly through revenue enhancement this infers new market access (as ICICI bank

will be able to get readymade access to Bank of Rajasthan‟s wide branch network in

north and west India) Thirdly by way of technological leverage and forth could be

forward and backward integration


ICICI conducted an employee behavioural pattern study to assess the various fears

and apprehensions that employees typically went through during a merger (Refer

Table I)

Table I

Post-Merger Employee Behavioral Pattern

Period Employee Behavior

Day 1 Denial fear no improvement

After a month Sadness slight improvement

After a Year Acceptance significant improvement

After 2 YearsRelief liking enjoyment business development

activities

Based on the above findings ICICI established systems to take care of the employee

resistance with action rather than words The fear of the unknown was tackled with

adept communication and the fear of inability to function was addressed by adequate

training The company also formulated a HR blue print to ensure smooth integration

of the human resources (Refer Table II)

Table II

Managing HR during the ICICI-BoM Merger

The HR Blueprint Areas of HR Integration Focussed On

A data base of the entire HR structure

Road map of career

Determining the blue print of HR moves

Communication of milestones

IT Integration - People Integration -

Business Integration

Employee communication

Cultural integration

Organization structuring

Recruitment amp Compensation

Performance management

Training

Employee relations


72 Managing HR during The ICICI-BoM Merger

Areas Of HR Integration Focussed On





Training

Employee relations

By June 2001 the process of integration between ICICI and BoM was started

According to a news report The win-win situations created by HR initiatives

have resulted in high level of morale among all sections of the employees from

the erstwhile BoM

To ensure employee participation and to decrease the resistance to the change

management established clear communication channels throughout to avoid any kind

of wrong messages being sent across Training programmes were conducted which

emphasized on knowledge skill attitude and technology to upgrade skills of the

employees Management also worked on contingency plans and initiated direct

dialogue with the employee unions of the BoM to maintain good employee relations

By June 2001 the process of integration between ICICI and BoM was started ICICI

transferred around 450 BoM employees to ICICI Bank while 300 ICICI employees

were shifted to BoM branches Promotion schemes for BoM employees were initiated

and around 800 BoM officers were found to be eligible for the promotions By the end

of the year ICICI seemed to have successfully handled the HR aspects of the BoM

merger According to a news report The win-win situation created by HR initiatives

has resulted in high level of morale among all sections of the employees from the

erstwhile BoM

Even as the changes following the ICICI-BoM merger were stabilizing ICICI

announced its merger with ICICI Bank in October 2001 The merger to be effective

from March 2002 was expected to unleash yet another series of changes at the

organization With Kamath still heading ICICI analysts were hopeful that the bank

would come out successfully in the task of integrating the operations of both the

entities this time as well


Chapter 8

ICICI BANKS FIVE lsquoSrsquo CLEAN UP ACT

Five S is one of the basic tenets of lean Manufacturing It originated in Japan as a

work-environment enhancing measure but the Japanese believe this visually-oriented

exercise is useful not just for improving the physical environment but also for

improving Total Quality Management (TQM) processes

The Five S are as follows

1 Seiri (sorting out)

2 Seiton (systematic arrangement)

3 Seiso (spic-n-span)

4 Seiketsu (standardise) and

5 Shitsuke (self-discipline)

In the first step (sorting out) individual owners sort their belongings into

needs and wants

This is followed by making a systematic layout of the workplace specifying

the storage areas and deciding where to put each item right from files and

documents down to the stapler and pins

The third phase (spic-n-span) monitors whether the earlier steps (S1 and S 2)

Next is to standardise the policies and rules

Finally it is self-discipline that is required to sustain Five S

81 Principles of Five S

The dominating principle of Five S is to create ownership for every object in the

organisation so that nothing is neglected

In the first step(sorting out) individual owners sort their belongings into needs

(used regularly used irregularly) and wants (may be used later or scrap)




The third phase (spic-n-span) monitors whether the earlier steps (S1 and S2)

are being regularly and effectively carried out and the workspace is kept clean


What follows next is to standardise the policies and rules that are to be

followed by the entire workplace These include making timetables and

indexes that indicate where you can find what using charts and visuals


The Five S practice not only helps to impress the customers but also to establish

effective quality processes for good services and products Five S is a part of the

kaizen family that talks about continuous innovation In India companies like

Hindustan Lever Bhel (Bharat Heavy Electricals Limited) and the Aditya Birla group

practice the principles of Five S

82 Implementation of Five S at ICICI

Its been just 12 or 14 months since the bank began implementing Five S (a

management initiative to keep the workplace in order) but compared to other

quality control drivers like Six Sigma and ISO which have been running for

more than four years Five S made a clean sweep almost immediately

In certain cases such as ICICIs back office for integrated operations at

Mahalaxmi (central Mumbai) the company claims to have saved Rs75 crore

(Rs 75 million) as a result of quality programmes in the current year

However it was Five S that contributed generously making up 50 per cent of

the savings At another location employees confident that earlier document

retrievals would take up to two or three days

Five S is a workplace transformation exercise When we implemented it across

the organisation it appeared functional with many tangible benefits But

implementation was nowhere as easy When ICICI Bank announced the

initiative in December 2003 nearly 15000 employees grudgingly gave up

their weekends to come in to office ndashand clean their workplace

In the process the bank freed up huge amounts of shelf space Consider this

in the HR department alone throwing out old unwanted reacutesumeacutes cleared up

six cupboards At the central Mumbai back office too employees discarded

their pack-rat tendencies freeing about 10 per cent storage space There was a

direct pay-off consequently ICICI Bank saved more than Rs 600000 a year

on payments to third-party warehousing companies since records can now be

stored in the office


The bank set up retail banking operations in1994 by 2000 it had half a

million retail bank account holders That number skyrocketed in the next few

years at present it has 10 million retail bank account holders The track

record in credit cards has been equally awe-inspiring ICICI Bank claims to be

the number one credit card company in the country with 25 million cards

issued in less than five years

The bank was growing furiously in the period1997-2001 compromising on

quality Customer grievances were increasing from poor service at the

branches to interminable waits for reissue of cards the laundry list of

complaints grew Calls to the customer care helpline were of no use it was not

unusual to be put on hold for up to half an hour at a stretch

By end of 2003 ICICI Bank of ficials realized they needed to take action fast

A close look at global best practices that could help improve the customer

experience turned up Five S a Japanese concept used mainly on

manufacturing shop floors around the world

They soon realised that the main principles of Five S (sorting out systematic

arrangement spic-n-span standardise and self-discipline) could be easily

imported into the services sector as well Another advantage is that Five S

could be easily followed by everybody from the peon to the president The

best thing about Five S is that it is extremely simple and yet powerful More

importantly the benefits are visible immediately


83 Outcomes of Five S Implementation

In December 2003 ICICI Bank managers from across the country participated

in a one-day leadership programme that included not just Five S but also

sessions on workplace improvement and change management The aim was to

help them encourage employees down the line to adapt to Five S It is not

enough to just engage zonal heads and branch managers If Five S has to be

successful it must be owned by the line employees

The bank followed up the initial sessions with pilot projects across 30

locations involving 25 people at each location The750 employees so covered

accounted for just 5 per cent of the total workforce It took the bank close to

six months to implement Five S at all its offices across the country

Employees navigate their way through the workplace using colours for

reference (orange is for cabinets blue for workstations mauve for vaults and

pink for storage) Life at the back office has become simpler after Five S The

biggest change has been in cataloguing Earlier records were filed

haphazardly strewn across cupboards and rooms

There is more science to file-keeping Files are now cross-referenced in

alphabetic order by date and by month making retrieval far simpler Some

regional offices also offer vernacular explanations for Five S making it easy

for even the housekeeping boys to retrieve documents Finally 10 minutes at

the end of each working day is reserved for a staff meeting where employees

discuss various initiatives and identify problems and achievers are publicly

applauded Incidentally for these 10minutes lights and computers are

switched off to save power

Five S is an entirely people-driven initiative and ICICI Bank hasnt been slow

in recognising that In order to sustain employee involvement the bank is

awarding individual and group efforts with certificates signed by the

chairman There have been two such ceremonies in the past six months alone

The bank has also tied-up Five S project involvement with the performance

management systems so that no employee is caught napping at the workplace


Chapter 9

EFFECTS OF CHANGE

During the process of change over the last five years is expected ICICI to solve few

challenges in the change The whole process of change in an organization there will

be some surprise as the normal stress but how to manage stress and make a difference

in perspective on change management within the organization

ICICI also follow few methods as amended by the adoption of Real-time scenarios

such as the parking of vehicles Opposes any change in the organizations leadership

to try good employees while some employees to change or wishing to enter these

areas These workers will change parking in some areas in order to remove a barrier

and is flush with the front as needed This scenario has been changed to ICICI

organization He was a golden handshake that staff have their fields rather than with

the changes (KV Kamath 2005) may be responsible ICICI is also some changes in

business processes and infrastructure in the past five years Management of services

of finance such as P amp G IIG etc to provide one-stop financial services to its

customers But the way this process takes time if you need customer service in

various departments at the same time because the opportunity arose and that

customers can switch suppliers To meet this challenge because of changes in

business ICICI have formed in other parts of the Personal Finance Group the largest

group of clients and customers are becoming more and more Through these passages

demanding customers come into contact with the representatives of this group to

obtain the services of different departments

Thus by ICICI and the change has been following a policy rule to provide customers

satisfied and get the same services more efficiently The following were some of the

effects of change management at ICICI

A majority of the work along with a lot of good talent shifted to the corporate

center

An ex-employee remarked The way to get noticed inside ICICI after 1996

has been to attach yourself to people who were heading these departments

These groups were seen as the thrust areas and if you worked in the zones it

was difficult to be noticed


Complaints against these changes put in continued and ICICI was blamed for

not putting in adequate systems in place to develop the right people

The feedback process - was also questioned


91 Imparting New Skills to Existing Employees

Training programmes and seminars were conducted

Overseas training programmes

Introduced a two-year Graduates Management Training Programme (GMTP)

Best advantage is that Five S could be easily followed by everybody from the

peon to the president

ICICI company claims to had saved Rs 75 crore

Five S had contributed generously making up 50 per cent of the savings

The lower rung employees boast of tracing documents in record time just 30

seconds

The company appointed consultants Hewitt Associates to help in working out

a uniform compensation and work culture and to take care of any change

management problems

92 ICICI also reviewed the compensation structure in place

Two types of remuneration were considered

A contract basis which would attract risk-takers

A tenure-based compensation which would be appealing to employees who

wanted security

93 Engineering a Change the ICICI Bank Way

The bank is planning to recruit over a batch of 500 engineers the next couple

of months There will roughly be one engineer for each branch ICICI Bank is

taking in a combination of fresh engineers from the campus as well as those

with a few years experience in different industries These engineers are being

recruited to transform the workplace and introduce process efficiencies in

branches Whether it is redesigning the branch layout or the height of the


counter or cutting down the customer interaction time or reducing the steps

involved in counting of cash or cutting down on the forms that collect the

same detail engineers will apply their skills to the problem

The decision to recruit engineers came after there was an internal brain

storming about the kind of talent that the bank needed to recruit in planning

for the future If these engineers could come up with 10 to 20 great

innovations in processes it would have more than repaid the investment and

the effort in recruiting them


Chapter 10

CONCLUSIONS

Change has to be a common system in the world at present days are changes in the

organization are a number of reasons processes such as mergers divisions or

departments etc personnel management although it should have a strong will and

the ability to change and resistance in the results of the changes at the organization

OU change is an important process and should provide a detailed study and manage

an organization Management and business change is not solely dependent on but

the business processes but it also depends on culture resources and many other

factors contributing to the organization Show here the analysis of research projects

change management was ICICI Bank the Institute for the Future in the management

of change in the past five years undertakes short-term support

ICICI main objectives of the organization of businesses in their statements and the

process of modernization can encourage private investment in partnership with some

of the organization and much more The change occurs share in any organization

because of certain factors that demand for change These factors are considered

factors change Change Given these factors factors changes in internal and external

factors of the organization Internal factors include changes in leadership shortage of

labor the application of new technologies and some their internal affairs Externalities

change in government policies including competition economic changes and rising

costs of infrastructure and raw materials

ICICI is one of the banks in India as a quick reaction to changes in the organization

Since its inception it has been many changes in the organization But in the last five

years a few steps from design and politics In the appointed Kamath past as the

organization of business processes has changed in the past five years with an exciting

plot and follow some of the strategies for organizational change and change

management Rule 90 days the rental system the basic rule is bound by certain

strategies of change management in planning and managing change without affecting

the policies of the central bank ICICI successfully manage change following a few

models that exchange Model Kurt Lewin was unable to obtain customer satisfaction

with the support of the changes you made in your business processes


BIBLIOGRAPHY

wwwbusinessballscom rsaquo leadershipmanagement

httpwwwbusinessballscomchangemanagementhtml

wwwskillmattersinicicipdf

httpwwwslidesharenet

httparticleseconomictimesindiatimescom

httpwwwicicibankcomaboutuspdfchange-

managementpdf

enwikipediaorgwikiKVKamath

httpwikianswerscomQHistory_of_icici_bank_in_detail

wwwicmrindiaorgcasestudiesicici-change-

management1html

httpseminarprojectscomsicici-change-management-case-

study


INTRODUCTION


Chapter 2

12 Principles of Change

a) Challenging emotions should be greater than positive emotions

b) Change only happens when each person makes a decision to implement the

change

c) Confidence of getting tough anywhere

d) Truth is more important during periods of change and uncertainty than arsquo good

news

e) People who work are capable of doing much more than they are doing

f) The intrinsic rewards of a project are often more important than the material

rewards and recognition

g) Donrsquot force change on anyone

h) The change process must be linked to business and performance goals

i) The change process involves both organizational and personal participation

13 Challenges of Changes

a) Involves new procedures

b) Leadership - changing the running of an organization from a command and

control nature of management to the nurturing and motivational nature of

leadership

c) Focus - making business choices to bring alignment and focus to the

organization

d) Commitment - creating commitment to the future of the enterprise throughout

the organization

e) Resistance- Resistance is a complex entity that directly affects the outcomes of

change both positively and negatively

Change Management







efficiency








starting new ones



milestones





































Chapter 2

COMPANY PROFILE

21 Background






















22 Objectives






23 History of ICICI




retailing



companies





bank


















York and London





























Chapter 3









31 STRENGHTS

1 Brand Name




2 Market Share



3 Huge Network













Loans


5 Salary Account





6 Working Hours














9 Technology







32 WEAKNESS

1 Transaction Cost

























33 OPPORTUNITIES

1 IT and ITES











categories

3 Remittances







potential market


34 THREAT


























business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2







efficiency








starting new ones



milestones



Change Management


































Chapter 2

COMPANY PROFILE

21 Background






















22 Objectives






23 History of ICICI




retailing



companies





bank


















York and London





























Chapter 3









31 STRENGHTS

1 Brand Name




2 Market Share



3 Huge Network













Loans


5 Salary Account





6 Working Hours














9 Technology







32 WEAKNESS

1 Transaction Cost

























33 OPPORTUNITIES

1 IT and ITES











categories

3 Remittances







potential market


34 THREAT


























business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2
























Change Management










Chapter 2

COMPANY PROFILE

21 Background






















22 Objectives






23 History of ICICI




retailing



companies





bank


















York and London





























Chapter 3









31 STRENGHTS

1 Brand Name




2 Market Share



3 Huge Network













Loans


5 Salary Account





6 Working Hours














9 Technology







32 WEAKNESS

1 Transaction Cost

























33 OPPORTUNITIES

1 IT and ITES











categories

3 Remittances







potential market


34 THREAT


























business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2









Change Management

Chapter 2

COMPANY PROFILE

21 Background






















22 Objectives






23 History of ICICI




retailing



companies





bank


















York and London





























Chapter 3









31 STRENGHTS

1 Brand Name




2 Market Share



3 Huge Network













Loans


5 Salary Account





6 Working Hours














9 Technology







32 WEAKNESS

1 Transaction Cost

























33 OPPORTUNITIES

1 IT and ITES











categories

3 Remittances







potential market


34 THREAT


























business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

Chapter 2

COMPANY PROFILE

21 Background






















22 Objectives





Change Management

23 History of ICICI




retailing



companies





bank


















York and London





























Chapter 3









31 STRENGHTS

1 Brand Name




2 Market Share



3 Huge Network













Loans


5 Salary Account





6 Working Hours














9 Technology







32 WEAKNESS

1 Transaction Cost

























33 OPPORTUNITIES

1 IT and ITES











categories

3 Remittances







potential market


34 THREAT


























business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

23 History of ICICI




retailing



companies





bank


















York and London

Change Management




























Chapter 3









31 STRENGHTS

1 Brand Name




2 Market Share



3 Huge Network













Loans


5 Salary Account





6 Working Hours














9 Technology







32 WEAKNESS

1 Transaction Cost

























33 OPPORTUNITIES

1 IT and ITES











categories

3 Remittances







potential market


34 THREAT


























business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2



























Change Management

Chapter 3









31 STRENGHTS

1 Brand Name




2 Market Share



3 Huge Network













Loans


5 Salary Account





6 Working Hours














9 Technology







32 WEAKNESS

1 Transaction Cost

























33 OPPORTUNITIES

1 IT and ITES











categories

3 Remittances







potential market


34 THREAT


























business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

Chapter 3









31 STRENGHTS

1 Brand Name




2 Market Share



3 Huge Network













Loans

Change Management

5 Salary Account





6 Working Hours














9 Technology







32 WEAKNESS

1 Transaction Cost

























33 OPPORTUNITIES

1 IT and ITES











categories

3 Remittances







potential market


34 THREAT


























business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

5 Salary Account





6 Working Hours














9 Technology






Change Management

32 WEAKNESS

1 Transaction Cost

























33 OPPORTUNITIES

1 IT and ITES











categories

3 Remittances







potential market


34 THREAT


























business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

32 WEAKNESS

1 Transaction Cost
























Change Management

33 OPPORTUNITIES

1 IT and ITES











categories

3 Remittances







potential market


34 THREAT


























business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

33 OPPORTUNITIES

1 IT and ITES











categories

3 Remittances







potential market

Change Management

34 THREAT


























business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

34 THREAT
















Change Management










business in India












of its customers




































































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2










business in India












of its customers











Change Management

























































organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

































Change Management
























organization










last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2
























organization






Change Management




last year





















Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2




last year




















Change Management

Chapter 5

THE CHANGE LEADER






conglomerate
































have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

Chapter 5

THE CHANGE LEADER






conglomerate






















Change Management










have diminished























Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2










have diminished






















Change Management

Chapter 6





























these groups






















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

Chapter 6





























these groups

Change Management





















































competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2
































Change Management





















competing divisions






areas


























Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2





















competing divisions






areas







Change Management



















Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2


















Change Management

Chapter 7

MERGER CHALLENGES






services






entities















management problems

































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

Chapter 7

MERGER CHALLENGES






services






entities















management problems

Change Management
































Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2





























Change Management



Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations








Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2



Table I)

Table I







activities






Table II




Road map of career










Training

Employee relations

Change Management







Training

Employee relations




the erstwhile BoM














erstwhile BoM








Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2







Training

Employee relations




the erstwhile BoM














erstwhile BoM







Change Management

Chapter 8













needs and wants








































































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

Chapter 8













needs and wants

















Change Management























































































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

































Change Management






















































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2






















Change Management
































Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2































Change Management

Chapter 9

EFFECTS OF CHANGE

























center



















seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

Chapter 9

EFFECTS OF CHANGE

























center





Change Management














seconds



management problems





wanted security


















Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2














seconds



management problems





wanted security








Change Management










Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2









Change Management

Chapter 10

CONCLUSIONS































BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

Chapter 10

CONCLUSIONS






























Change Management

BIBLIOGRAPHY







managementpdf




management1html


study


INTRODUCTION


Chapter 2

BIBLIOGRAPHY







managementpdf




management1html


study

Change Management

INTRODUCTION


Chapter 2

SM ICICI Change Management Free

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Transcript of SM ICICI Change Management Free