The challenge was developing something scalable, low cost and profitable and traditional brick and mortar branches were too expensive and difficult to staff. Since ICICI was an online banking institution the best option would be a partnership with an institution well established in the field. In 2001, ICICI merged with the Bank of Madura. They were well-capitalized, in operation for 57 years, a partner with 1.2 million customers, had a well-established network of local branches and a strong presence in micro financing. Through this partnership, ICICI established themselves as a dominant player in retail banking. Conventional ways of thinking would not work to solve the initiatives they took upon themselves. The rest of this essay will characterize the structure, different types of management theory, ethical issues, and develop its management and strategic framework. .
A new model entirely, ICICI Bank is India's largest private sector bank and offers a wide range of banking products and financial services for corporate and retail customers. ICICI Bank's organizational structure is divided into six principal groups – Retail Banking, Wholesale Banking, International Banking, Rural (Micro-Banking) and Agricultural Banking, Government Banking and Corporate Center.2 The board of directors and executive team oversees all aspects of bank operations and each business unit has dedicated directors, General Manager/Senior General Managers. .
Looking at an organizational level, ICICI bank operates on a matrix structure while the top tier is operating on a Functional structure 3 model where the organization is divided on the function/services offered. However, within the model, each functional area operates on the divisional structure or product structure model. Each division is self-contained and has a plan to compete and operate as a separate business or profit center. .
Concept of Structure management is from top to bottom and the leadership is distributed.