ICICI Bank has appointed Sandeep Bakhshi as the new Managing Director (MD) and CEO after Chanda Kochhar quit the bank.
The bank accepted Kochhar’s early retirement and appointed Bakshi in her place.
Bakhshi held the position of the COO of ICICI Bank. He was put at the helm by the board after it asked Kochhar to go an extended leave pending an internal investigation into charges of impropriety in her role in the Videocon loan case.
Who is Sandeep Bakhshi ?
This is not the first time that Bakhshi has been asked to handle a crisis. In 2008, Bakhshi was brought in by the bank from ICICI Lombard as the bank was fighting rising delinquencies. After he deftly handled the crisis, Bakhshi was put in charge of ICICI Prudential Life in 2010. Bakshi’s leadership saw ICICI Prudential’s Assets under Management (AUM) rise to Rs 1.4 lakh crore in 2018 from Rs 57,319 crore.
Sandeep Bakshi is an ICICI veteran who has spent over 30 years with the financial behemoth. Bakhshi joined ICICI in 1986 at a time when it was just a development financial institution. He has seen the financial institution evolve into full-fledged bank. He built the general insurance business from scratch, which he joined in 2002. He also groomed a start-up when nobody understood insurance, which is today the largest private sector general insurer.
“He is close to the business and only one who knows corporate banking, retail banking, life insurance and general insurance,” said Kamesh Goyal chairman Digit Insurance.