ICICI Bank Ltd gets RBI nod for appointment of Sandeep Bakshi as MD & CEO

Mumbai, Oct 16 (UNI) Private Sector lender, ICICI Bank on Monday said that Reserve Bank of India (RBI) has approved the appointment of Sandeep Bakhshi as Managing Director & CEO Bank for a period of

three years with effect from October 15, 2018.

Mr Bakhshi joined the Group on December 1, 1986, in the Project financing group of ICICI Limited. In the Bank he was responsible for the Wholesale Banking & Small and Medium enterprises business. 

He was appointed the Managing Director & CEO of ICICI Lombard General Insurance Company on April 01, 2002 and was instrumental in scaling up the private sector general insurance offerings in the

country. Mr. Bakhshi was appointed as the Deputy Managing Director and had handled both the Retail and Corporate Banking business of ICICI Bank Limited, from May 1, 2009 to July 31, 2010. 

He was thereafter appointed as the Managing Director & CEO of ICICI Prudential Life Insurance Company from August 1, 2010 where under his leadership the Company redesigned various products, reengineered the distribution architecture and made significant improvement in productivity. He successfully led the listing of the Company. He has leveraged technology and innovative business practices to enhance the quality of products and services offered to customers and improved operational efficiency.

Mr Bakhshi has obtained his bachelors’ degree in mechanicalengineering from Punjab Engineering College, Chandigarh and a post graduate degree in management from Xavier Labour Relations Institute, Jamshedpur. His responsibilities over the years include Strategic planning, business development, project appraisals, project monitoring and business re-structuring across the Group’s banking & insurance companies. He has over 32 years of experience in Finance, Banking and Insurance. Previously, he has also served as the chairman of ICICI Home Finance Company Limited.

Mr Bakhshi’s invaluable experience across the Bank’s businesses combined with his exposure in more than two of the Group companies as Managing Director & CEO m addition to his leadership attributes would strengthen the Bank’s leadership. He has built excellent relationship with the key regulators, clients, investors and has nurtured a team of diverse, successful and competent senior leaders.

The Board had approved the appointment of Mr Bakhshi as an Additional Director and Wholetime Director and Chief Operating Officer of ICICI Bank effective from June 19, 2018 which was subsequently approved by RBI on July 31, 2018 and the Shareholders of the Bank on September 12, 2018.

The Board at its Meeting held on October 4, 2018 had approved the appointment of Mr. Bakhshi as Managing Director & CEO for a period of five years until October 3, 2023, subject to regulatory and other approvals.