The Reserve Bank of India has given ICICI Bank the approval to appoint Sandeep Bakshi as its new Chief Executive Officer (CEO) and Managing Director (MD).
Sandeep Bakshi will take over from Chanda Kochhar and will be the MD and CEO of the Bank for a period of five years.
The Bank’s board had elevated Bakshi who was the Chief Operating Officer (COO) as the CEO and MD of ICICI Bank for a period of five years till October 2023.
According to a report by Money Control, the Reserve Bank of India had given ICICI Bank the green signal to appoint Sandeep Bakshi as the new CEO and MD of the bank.
Bakshi, who has been a part of the ICICI Group for 32 years was earlier the CEO and MD of ICICI Prudential Life Insurance Company. Bakshi also successfully spearheaded the insurance company’s Rs.60.6 billion initial public offering (IPO) in September 2016 which was the first instance of an Indian insurance company getting listed.
Bakshi had also held various other positions apart from being the MD and CEO of ICICI Prudential Life Insurance Company. He was the CEO of ICICI Lombard General Insurance from 2007 to 2009. He was also appointed as the Deputy Managing Director and head of retail operations at ICICI Bank from 2009 to 2010. He also took care of the lending operations at ICICI Bank’s Eastern and Northern Division before joining ICICI Lombard in 2002.
Sources: MoneyControl, Business Insider, Bloomberg Quint
You may also like: SBI, ICICI Bank increase loan interest rates