 "Sandeep Bakhshi,")
ICICI Bank has denied a new portal’s article that the lender’s managing director (MD) and chief executive officer (CEO) Sandeep Bakhshi is considering stepping down from his position, the Economic Times (ET) reported.
The bank denied information regarding Bakhshi's exit published in The Morning Context, in an exchange filing on Thursday.
"We would like to categorically deny the information published in the article regarding ICICI Bank’s MD allegedly expressing willingness to leave his position due to personal reasons. This information is figment of imagination and therefore, completely baseless and misleading," said ICICI Bank.
"It appears that this rumour is being spread with an ulterior motive and malicious intent in order to harm the Bank and its stakeholders."
Citing sources, The Morning Context article reported that Bakhshi had expressed his desire to step down from his position as MD and CEO of ICICI Bank. "He has some personal emergency. That is why he wants to step down. The central bank suggested that he work remotely if the need arises, and requested him not to step down," said the news portal.
In September 2023, the Reserve Bank of India (RBI) approved Bakhshi's tenure being extended for another three years. This re-appointment, announced by the bank's board in October 2022, was subsequently endorsed by shareholders during the annual general meeting.
Bakhshi assumed the role of MD at the private sector bank in October 2018, succeeding Chanda Kochhar, who resigned amidst allegations of financial misconduct. Prior to this role, Bakhshi served as a whole-time director and chief operating officer (COO).
More From This Section
Last week, ICICI Bank became the fifth Indian company and the second bank to exceed a market capitalisation of Rs 8 trillion for the first time, following a more than 4 per cent increase in its shares fuelled by robust earnings.
In the fourth quarter of fiscal year 2023-24, ICICI Bank recorded a net profit of Rs 10,708 crore, marking a 20 per cent increase from the same period in the previous fiscal year, primarily attributed to strong advances and lower credit costs despite margin pressures. The bank achieved a return on assets of 2.4 per cent in fiscal year 2023-24, showcasing a commendable performance across various metrics.
