Private sector lender ICICI Bank Ltd. today said that the Reserve Bank of India has approved Sandeep Bakshi's appointment as managing director and CEO of the bank for three years.
After the resignation of Chanda Kochhar this month, the bank's board elevated Chief Operating Officer Bakshi as the new managing director and CEO for five years until Oct. 3, 2023, subject to regulatory and other approvals.
Bakshi, whose appointment came into effect from Oct. 15, had joined the group in 1986. As the MD and CEO of ICICI Prudential Life Insurance Company Ltd., which he had been leading since 2010, the company redesigned various products, re-engineered the distribution architecture and made significant improvement in productivity. He successfully led the listing of the company, too.
Facing enquiry over the charges of nepotism and conflict of interest, ICICI Bank's former chief Chanda Kochhar had submitted her resignation on Oct. 4, six months before her tenure was to end. Kochhar also resigned from all subsidiaries of the bank, including ICICI Securities, where she sought reappointment as the chairperson.
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