Veteran banker Narayanan Vaghul, who led the transformation of ICICI into a private sector lender, died on Saturday afternoon due to health complications. He was 88.

Vaghul took over the reins of ICICI, then a public finance institution, in 1985 and turned it into a universal bank during his 11-year stint at the helm with the help of a young team.

He fell at his Chennai home a few days ago and had to be put on ventilator support at a private hospital, where he breathed his last, sources said.

Vaghul is survived by his wife Padma, son Mohan and daughter Sudha.

The last rites of Vaghul are expected to be held in Chennai on Sunday, according to sources. Vaghul was honoured with the country’s third highest civilian award Padma Bhushan in 2010.

PTI