Private sector ICICI Bank on Tuesday said it has received approval from the RBI to re-appoint Sandeep Bakhshi as its managing director and chief executive officer of the bank for two years.
Bakhshi took charge as MD and CEO of the lender on October 15, 2018.
In 2018, the bank’s board had elevated Bakhshi as the new managing director and CEO for five years until October 3, 2023, subject to regulatory and other approvals. However, RBI had approved Bakhshi's appointment for three years and has now given given approval for another two years.
"RBI has approved the re-appointment of Sandeep Bakhshi as Managing Director & CEO of the bank with effect from October 15, 2021 till October 3, 2023," ICICI Bank said in a regulatory filing.
Shareholders at the annual general meeting held on August 9, 2019 had already approved the appointment of Bakhshi for a period effective from October 15, 2018 up to October 3, 2023, the bank said.
Bakhshi had joined the ICICI Group on December 1, 1986, in the project financing division and was responsible for wholesale banking & small and medium enterprises business. He was appointed managing director & CEO of ICICI Lombard General Insurance Company on April 2002 and was instrumental in scaling up the private sector general insurance offerings in the country.
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He also remained as the Deputy Managing Director and had handled both the Retail and Corporate Banking business of ICICI Bank from May 1, 2009 to July 31, 2010. And further, appointed as the Managing Director & CEO of ICICI Prudential Life Insurance Company from August 1, 2010.
A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.
(Edited by : Jomy Jos Pullokaran)
First Published: IST