In a recent development, the Reserve Bank of India (RBI) has once again given the green light to Sandeep Bakshi’s reappointment as the CEO and Managing Director (MD) of ICICI Bank, which is the second largest private bank in India. ICICI Bank made this announcement through a regulatory filing to the stock exchange.
New Term Until 2026
According to the bank’s statement, Sandeep Bakshi’s reappointment as MD and CEO has been approved by the RBI. His term will extend from October 4, 2023, to October 3, 2026. This decision was preceded by the approval of the shareholders during the bank’s Annual General Meeting (AGM) on August 30. The board of ICICI Bank had previously given its nod for his reappointment for a three-year term.
Turning the Tide at ICICI Bank
When Sandeep Bakshi took over as the MD and CEO of ICICI Bank on October 15, 2018, the bank was facing a crisis. Public trust was dwindling, investors were anxious, and concerns about corporate governance were at the forefront, with direct allegations against the then CEO, Chanda Kochhar. In this challenging environment, Sandeep Bakshi assumed leadership.
Over the past five years, Sandeep Bakshi has successfully revitalized ICICI Bank, elevating its financial performance on all fronts. Today, ICICI Bank stands as the second largest private bank in India. Bakshi’s leadership has been characterized by a quiet, determined approach, and under his guidance, ICICI Bank has consistently climbed the ladder of success.
Decades of Association with ICICI Group
Sandeep Bakshi’s association with the ICICI Group dates back to 1986. He took on the role of MD and CEO of ICICI Lombard General Insurance in April 2002, followed by his tenure as MD and CEO of ICICI Prudential Life Insurance from August 2010 to June 2018.