Kamath would take over as non-executive chairman after his retirement on April 30, 2009 and Kochhar would take over from May 1, 2009.

Kochhar, who is ICICI Bank's Joint Managing Director and group Chief Financial Officer, had joined the erstwhile ICICI as a Management Trainee in 1984. When ICICI decided in 1993 to enter commercial banking, she was deputed to ICICI Bank as part of the core team to set up the operations.

Kochhar was instrumental in setting up and scaling up the retail business for ICICI Bank. In April 2001, she took over as the Executive Director, heading the retail business in the ICICI Bank. In April 2006, she was appointed as Deputy Managing Director.

"I would like to thank the Board for the confidence that they have reposed in me, and Kamath for his inspiring leadership. I am committed to working with our team and with all our stakeholders to leverage the ICICI Group's strengths and capitalise on the opportunities before us," Kochhar was quoted as saying by ICICI Bank in a statement.