Mumbai: Rajiv Sabharwal, who headed ICICI Bank Ltd’s Rs2-trillion retail finance business, has resigned to become an entrepreneur.
He will be succeeded by Anup Bagchi, who currently heads the bank’s broking and investment banking unit—ICICI Securities Ltd, ICICI Bank said in a stock exchange notice.
Sabharwal will leave the bank on 31 January.
Bagchi, who will join on 1 November, will be reporting to him during the three-month transition.
Bagchi will be designated executive director of retail banking for five years from 1 February, or the date of approval of his appointment by the central bank, whichever is later, the statement said.
Shilpa Kumar, the group executive and head of markets and proprietory trading at the bank, will succeed Bagchi as the chief of ICICI Securities.
The ICICI Bank board, which met on Friday to approve these changes, also appointed B. Prasanna as Kumar’s replacement.
Prasanna heads ICICI Securities Primary Dealership Ltd.
Shailendra Jhingan, the head of the corporate bond business at ICICI Securities Primary Dealership, will replace Prasanna, the statement said.
“I will be going to pursue something entrepreneurial either on the operating side or investing side for which I have five months to decide. I am not looking at moving to ICICI Home Finance,” said Sabharwal.
“With a change in leadership, retail business strategy is not going to change,” he added.