In a major management reshuffle, ICICI Bank has appointed Anup Bagchi, managing director and chief executive officer of ICICI Securities, as the head of retail banking for a period of five years.
The appointment will be effective from November 1, while his appointment to the board of directors will be effective from February 1, 2017, subject to regulatory approvals, the bank said in a press release on Friday.
Bagchi will replace Rajiv Sabharwal, who is leaving the bank at the end of January, according to the release. Sabharwal, the current executive director of ICICI Bank, will step down to "pursue career opportunities outside the ICICI Group". To facilitate a smooth transition, he will continue his role in office till January 31, 2017.
Bagchi, who has been an employee of ICICI Ltd. since 1992, is said to have led the development of the company's online trading and internet banking platforms.
During his tenure at ICICI Securities, he has led the growth and development of the retail and institutional broking, retail financial product distribution, wealth management and corporate finance businesses.ICICI Bank Press Release
Shilpa Kumar, group executive and head of markets and proprietary trading at ICICI Bank, has been chosen to succeed Bagchi at the helm of ICICI Securities. Her role at ICICI Bank will be taken over by B Prasanna who currently serves as the managing director and chief executive officer of ICICI Securities Primary Dealership Ltd.
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