Trend Guru

Kalpana Morparia has decided to end her 33-year-old association with ICICI Bank, the country’s second largest lender, and is set to join JP Morgan. In a statement this evening, ICICI Bank said Morparia, who was the group’s vice-chair for insurance, securities and asset management and the chief strategy and communications officer, is leaving to pursue other opportunities. A news agency said Morparia will head JP Morgan’s India operations.

“I will miss ICICI Bank. It is a part of me and I have worked here for 33 years. But we must move on,” Morparia told Business Standard.

She added: “The times are not really that challenging, on the contrary, they are very exciting.” JP Morgan could not be reached for comment.

In 1975, Morparia started her career in the legal department of ICICI, the erstwhile development finance institution, and rose to become a director on the company’s board in 2001. She continued as a wholetime director till the last year and was the bank’s joint managing director.

In her present role, which she assumed in May 2007, Morparia was to head the group’s holding company that has not taken off so far. The holding company was to have the asset management company and the insurance ventures under its ambit, but it first ran into trouble with the Foreign Investment Promotion Board and subsequently with the central bank.