The board of directors of ICICI Bank has approved the appointment of Anup Bagchi, MD and CEO, ICICI Securities, as Executive Director of the bank for a period of five years.

This appointment follows the decision of Rajiv Sabharwal, Executive Director, to pursue career opportunities outside the ICICI group. To facilitate smooth transition, Sabharwal will continue in office as ED till January 31, 2017.

Bagchi, who joined ICICI Ltd in 1992, will take over as Head of Retail Banking effective November 1, 2016. Over the last 24 years, he has worked in key positions in the ICICI group in the areas of retail banking, corporate and investment banking and treasury.

In a statement, the private sector bank said Bagchi’s appointment to the board will be effective from February 1, 2017, or the date of regulatory approval, whichever is later.

The board of ICICI Securities has appointed Shilpa Kumar, Group Executive and Head – Markets & Proprietary Trading at ICICI Bank, as MD and CEO of ICICI Securities with effect from November 1.

Kumar has been with the ICICI group since 1989 and has worked in key positions across treasury, project finance and corporate banking.

B Prasanna, MD and CEO, ICICI Securities Primary Dealership (I-Sec PD), will move to ICICI Bank as Group Executive and Head – Markets & Proprietary Trading.

Prasanna has been with ICICI group since 1993 and has been at the helm of I-Sec PD since 2008. In order to continue having the benefit of his experience and guidance, the board of I-Sec PD has appointed Prasanna as Non-Executive Vice-Chairman effective November 1, 2016 .

The I-Sec PD board has appointed Shailendra Jhingan as MD and CEO with effect from November 1. He heads the corporate bonds business at I-Sec PD.

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