ICICI Bank has made significant changes at the top even as one of its senior executives quit the lender to become entrepreneur. The changes were announced by the bank on Friday.
Anup Bagchi, MD and CEO of ICICI Securities, will now head the lender's retail banking business after the incumbent, Rajiv Sabharwal, decided to "pursue opportunities outside the ICICI Group," the bank said in a statement.
Sabharwal will work in his capacity as Executive Director of the bank till January 31, 2017.
Bagchi will be replaced by Shilpa Kumar, currently Group Executive and Head, Markets and Proprietary Trading at ICICI Bank, from November 1, 2016.
B Prasanna will replace Kumar at ICICI Securities and report to N S Kannan, Executive Director of ICICI Bank. He is currently MD and CEO of ICICI Securities Primary Dealership (I-Sec PD). He will continue to be with I-Sec PD after his elevation as non-executive Vice-Chairman.
The bank has appointed Shailendra Jhingan as his replacement at I-Sec PD.
ICICI Bank, India's largest private sector lender, will be declaring its second quarter results on November 7. Shares of ICICI Bank closed at 241.85 apiece on Friday.
Recently, the bank had offloaded a part of its stake in ICICI Prudential Life Insurance Company at Rs 334 per share. The shares got listed at discount to the issue price and closed at Rs 326.65 on the BSE on Friday.
On October 12, the bank announced that it will be redeeming the 7.25 per cent Perpetual Non-Cumulative Subordinated Debt Securities on October 31. The instruments were issued in August 2006 by its Bahrain branch for $340 million.