The Reserve Bank of India (RBI) has approved the reappointment of Sandeep Bakhshi as Managing Director and CEO of ICICI Bank Ltd. (NSE:ICICIBANK) The private sector lender announced the decision today, Monday. Bakhshi's new term will extend for three years, from October 4, 2023, to October 3, 2026.
This approval follows the bank's Annual General Meeting held on August 30, 2023, where shareholders had already given their consent to Bakhshi's appointment for the same period. The bank confirmed this in a regulatory filing.
Bakhshi's career at ICICI Group commenced on December 1, 1986, when he joined the project financing division. He was responsible for wholesale banking and small and medium enterprise business. In April 2002, he was appointed as the managing director & CEO of ICICI Lombard General Insurance Company. During his tenure there, he played a key role in expanding the private sector general insurance offerings in the country.
This will be Bakhshi's second consecutive term as CEO of ICICI Bank. The board of directors had previously reappointed him for a three-year term that begins on October 4, 2023.
On the day of the announcement, shares of ICICI Bank Ltd ended at Rs 978.35 on the BSE, marking an increase of Rs 7.80 or 0.80 percent.
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