ICICI Bank Board approves appointment
Posted by: Clara Fernandes at 10/14/2016 06:09:00 am
• ICICI Bank Board approves appointment of Mr. Anup Bagchi as Executive Director to head retail business
• Ms. Shilpa Kumar appointed as Managing Director b CEO of ICICI Securities
• Mr. B. Prasanna appointed as Group Executive and Head-Markets a Proprietary Trading at ICICI Bank
India 14 October 2016: The Board of Directors of ICICI Bank Limited (NYSE: IBN) has at its meeting today approved the appointment of Mr. Anup Bagchi, Managing Director & CEO, ICICI Securities Limited, as Executive Director of the Bank for a period of five years, subject to necessary approvals. He will take over as the Head of Retail Banking effective November 1, 2016. His appointment to the Board will be effective from February 1, 2017, or the date of regulatory approval of his appointment, whichever is later.
Mr. Bagchi joined ICICI Limited in 1992. Over the last 24 years, he has worked in key positions in the ICICI Group in the areas of retail banking, corporate and investment banking and treasury.
He was appointed as Managing Director & CEO of ICICI Securities in May 2011. Prior to that, Mr. Bagchi was an Executive Director at ICICI Securities. 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.
Mr. Bagchi has deep experience in retail financial services and technology. He has successfully leveraged technology in creating value for the ICICI Group as well as retail and corporate & institutional clients. He led the development of the online trading platform (icicidirect.com); the development of the internet banking platform at ICICI Bank; and the growth of the retail liabilities & third party product distribution businesses at ICICI Bank. Today icicidirect.com is India's leading on-line retail broking platform, combining scale and profitability.
The Board of Directors of ICICI Securities Limited has appointed Ms. Shilpa Kumar, Group Executive and Head - Markets & Proprietory Trading at ICICI Bank, as Managing Director & CEO of ICICI Securities with effect from November 1, 2016, subject to necessary approvals. Ms. Shilpa Kumar has been with the ICICI Group since 1989 and has worked in key positions
across treasury, project finance and corporate banking. Her deep understanding and insights into the global and Indian economy and financial markets have shaped the Bank's trade and foreign exchange product offerings to corporate, SME and retail clients.
Mr. B. Prasanna, Managing Director & CEO, ICICI Securities Primary Dealership Limited (I-Sec PD) will move to ICICI Bank as Group Executive and Head - Markets & Proprietary Trading with effect from November 1, 2016. He will report to Mr. N. S. Kannan, Executive Director. Mr. Prasanna has been with the ICICI Group since 1993 and has been the Managing Director & CEO of I-Sec PD since 2008. Under his leadership, the company has established a leading presence in the fixed income markets. In order for I-Sec PD to continue to have the benefit of his experience and guidance, the Board of Directors of I-Sec PD at its meeting today, has appointed Mr. B. Prasanna as non-executive Vice Chairman of I-Sec PD effective November 1, 2016. The Board of Directors of I-Sec PD has appointed Mr. Shailendra Jhingan as Managing Director & CEO, with effect from November 1, 2016 subject to necessary approvals. Mr. Jhingan heads the corporate bonds business at I-Sec PD. He has over two decades of experience in fixed income markets and asset management.
Mr. Rajiv Sabharwal, Executive Director has decided to pursue career opportunities outside the ICICI Group. The Board has placed on record its appreciation of his contribution to ICICI Bank. To facilitate a smooth transition, Mr. Rajiv Sabharwal will continue in office as Executive Director till January 31, 2017.