ICICI BankNSE - 1. 22 % has appointed Sandeep Bakhshi as the new Managing Director (MD) and CEO after Chanda Kochhar quit the bank.
The bank accepted Kochhar's early retirement and appointed Bakshi in her place.
Bakhshi held the position of the COO of ICICI Bank. He was put at the helm by the board after it asked Kochhar to go an extended leave pending an internal investigation into charges of impropriety in her role in the Videocon loan case.
Sandeep Bakshi is an ICICI veteran who has spent over 30 years with the financial behemoth. Bakhshi joined ICICI in 1986 at a time when it was just a development financial institution. He has seen the financial institution evolve into full - fledged bank. He built the general insurance business from scratch, which he joined in 2002. He also groomed a start - up when nobody understood insurance, which is today the largest private sector general insurer.
Bakhshi holds an MBA from Xavier Labour Relations Institute, Jamshedpur. He holods the distinction of grooming a number of CEOs which includes Ritesh Kumar, MD and CEO HDFC Ergo, Anuj Gulati, MD, Re l i g a re Health Insurance, Nilesh Garg, MD and CEO Tata AIG General Insurance, Rakesh Jain, CEO Reliance General Insurance, and Tarun Chugh, MD and CEO Bajaj Allianz Life Insurance.
For a man who has spent over 30 years with the institution, his enthususiasm hasn't waned. “Every day I believe that I am in ICICI because I need ICICI. ICICI can get 100 Sandeep Bakhshis, but for me, there is no better opportunity than ICICI, ” he had told ET recently.
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