ICICI Bank gains on RBI’s approval of Sandeep Bakshi’s appointment as MD & CEO
Shares of ICICI Bank were trading higher by 2.75% in Tuesday’s session after the Reserve Bank of India (RBI) approved the appointment of Sandeep Bakhshi as MD & CEO of the bank.
The bank, in its BSE filing on Tuesday, stated that the RBI had approved the appointment of Sandeep Bakhshi as Managing Director & CEO of the bank for three years effective from October 15, 2018.
The appointment comes after the previous MD & CEO, Chanda Kochhar, resigned from the bank and even relinquished her position from all its subsidiaries earlier in October amid conflict-of-interest and nepotism allegations surrounding her decisions while in power at the bank.
Sandeep Bakshi previously served as the MD and CEO of ICICI Prudential Life Insurance Company since 2010. He has been part of the group since 1986.