Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  ICICI Bank’s head of retail finance unit Rajiv Sabharwal resigns
BackBack

ICICI Bank’s head of retail finance unit Rajiv Sabharwal resigns

Sabharwal will be succeeded by Anup Bagchi, who heads the bank's broking and investment banking unitICICI Securities Ltd, ICICI Bank said in a stock exchange notice

The ICICI Bank board met on Friday to approve the changes. Photo: Ramesh Pathania/MintPremium
The ICICI Bank board met on Friday to approve the changes. Photo: Ramesh Pathania/Mint

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 14 Oct 2016, 09:33 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie