ICICI Bank on Friday named Anup Bagchi, MD & CEO, ICICI Securities, to the company’s board after Rajiv Sabharwal, an executive director who was heading its retail business, resigned from the bank.
Mr. Bagchi, who will replace Mr. Sabharwal as the lender’s retail head from November 1, will join the board with effect from February 1, 2017, ICICI Bank said in a notification to the stock exchanges, following a board meeting.
“The board also took on record, the resignation of Mr. Rajiv Sabharwal, Executive Director consequent to his decision to pursue opportunities outside the ICICI Group, effective January 31, 2017,” ICICI Bank said in the regulatory filing.
Mr. Sabharwal, who has done his mechanical engineering from IIT Delhi and MBA from Indian Institute of Management Lucknow, initially joined the group in 1998 but left in January 2009 to join Sequoia Capital. He rejoined ICICI Bank in April 2010 and was inducted on the board in May 2010.
Mr. Bagchi joined ICICI group in 1992 and worked in key positions in areas including retail, corporate and investment banking.
Shilpa Kumar — head of markets and propriety trading at ICICI Bank — will replace Mr. Bagchi at ICICI Securities as MD & CEO.
B.Prassana, MD & CEO of ICICI Securities Primary Dealership, will replace Shilpa Kumar in the bank and will report to N.S. Kannan, executive director of the bank. Shailendra Jhingan will be the new MD & CEO of ICICI Securities PD.
