"Please don't take it personally. The conference is meant for the press. You can meet me later," one IDBI executive director was overheard telling a lady and a gentleman from ICICI. Perseverance being one of the hallmarks of modern-day investment bankers, the ICICI officials refused to budge.

Having already indicated his displeasure, the IDBI executive director then sought the help of the officials of a public-relations agency to get rid of the executives. The incident marks the climax of a long-drawn rivalry between the two term-lendinginstitutions. ICICI kicked off a rate war by undercutting big brother IDBI and then overtook it both in terms of sanctions and disbursements in 1997-98. However, Khan seems to have had the last laugh. "We are the best. We have overtaken every other institution in terms of asset growth and in net profit," he told newspersons.

The IDBI chairman was at his aggressive best on Friday. Without naming anyone, he used every opportunity to take a potshot at the `other institution's' superlative performance.Khan was all scorn about the higher profits growth reported by ICICI. "The disbursements and sanction figures that others roll out can be deceptive. One can easily hide facts between the numbers. One can role over the loans every year and call it fresh disbursements. But what is the growth recorded by them on their assets?" he sought to know.

Newspersons were taken by surprise at Khan's candid remarks about the "other institution". However, two ICICI executives -- who were sent with a specific brief of getting afirst-hand feel of the conference -- were not there to listen to him. As one onlooker sarcastically put it, ``They left in a hurry to take the first lesson on corporate governance at their office.''