ICICI's Kalpana Morparia to head JP Morgan Chase and Co. in India

Mumbai: JPMorgan Chase and Co. has announced that it is appointing ICICI's Kalpana Morparia as chief executive officer for its Indian operations.

A 33-year veteran at ICICI, Kalpana Morparia's last appointment with the ICICI Group was as vice chair, insurance, securities and asset management and chief strategy and communications officer. Morparia joined the ICICI in 1975, when it was still a government-owned development financial institution.

She became a part of the board of directors in 2001, and retired from the board of ICICI Bank in 2007 having served as joint managing director. Thereafter, she assumed her present role.

Morparia was key in building ICICI's well-diversified financial services business, having led the group's capital raising initiatives as well as the merger of ICICI with ICICI Bank in 2002. As head of the corporate centre of ICICI Bank till 2007, Morparia was responsible for a number of key functions, including planning and strategy, financial reporting, risk management and human resources management. She was also the official spokesperson for ICICI Bank.

In her last role with the bank, Morparia focused on guiding the group's insurance, asset management and securities businesses in their growth and evolution.

Morparia will now be a member of JPMorgan's Asia-Pacific executive committee, and will be involved in the development of global initiatives driven from the firm's New York office.