 "ICICI Bank reshuffles top deck")
Bagchi currently heads ICICI Securities. He will take over the new role from November 1. However, his appointment to the board will be effective from February next year, the bank said. The bank's board has already approved his appointment.
Sabharwal will continue working with the bank for another three months. During his stint, Bagchi made ICICI Securities India's largest retail broking company in terms of profits, revenue, and market share. He is also credited with the growth of retail, institutional banking and retail financial products. Retail banking is a key focus for the bank and it constituted about 46 per cent of the loan book at the end of the June quarter. The bank said it would continue to focus on retail banking and expects it to grow 15-17 per cent this financial year.
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Sources say Sabharwal might join ICICI Bank Home Finance once it acquires Baring Asia and India Value Fund Advisors. The deal has been in the works for the past few months. However, once his notice period ends there will be a three months’ cooling-off and he is likely to join after that.
Shilpa Kumar, group executive and head of markets and proprietary trading at the bank, will succeed Bagchi as the chief of ICICI Securities. She has been with the bank for the past 27 years and worked in various capacities — treasury, project finance, and corporate banking.
B Prasanna, managing director of ICICI Securities Primary Dealership, will replace Kumar. His appointment will be effective from November 1. He will be reporting to N S Kannan, executive director, ICICI Bank.
Shailendra Jhingan, head of the corporate bond business at ICICI Securities Primary Dealership, will replace Prasanna, the statement said.