Mumbai: In a major leadership change within financial services major ICICI group, Anup Bagchi has been appointed managing director and CEO of ICICI Securities, effective from 1 May 2011.
He will be taking charge of the company from the incumbent, Madhabi Puri-Buch, who will be moving to another group entity, ICICI Bank a press release said.
Presently, Bagchi is the executive director of the company.
The bank’s manging director and CEO and chairperson, ICICI Securities, Chanda Kochhar, said “Anup has spent his whole career with the ICICI Group and has deep experience in capital markets and retail financial services. I am sure he will take ICICI Securities to even greater heights.”
Buch is going on a sabbatical for personal reasons to join her husband based abroad, but will remain a part of the leadership team at ICICI Bank, it said in a statement.
“Madhabi has been a member of our team for over 17 years, and has played a key role in many of our businesses and initiatives, from building ICICI as a retail brand to leading ICICI Securities. While she remains a valued member of our leadership team, we respect her decision to accord priority to her family and wish her all the very best.” Kochhar, said.
The ICICI Group is one of the country’s top financial services providers with ICICI Bank the largest private sector bank. ICICI Securities is a leading player in the investment banking space.
Meanwhile, the board of the group’s general insurance arm, ICICI Lombard General Insurance Company, has announced the appointment of Alok Agarwal and Neelesh Garg as executive directors.
Both have been with ICICI General for several years, with Agarwal working for the company’s corporate business and Garg focused on the retail business.