Moneycontrol
Last Updated : Oct 16, 2018 10:28 AM IST | Source: Moneycontrol.com

ICICI Bank gains 2% after RBI approves appointment of Sandeep Bakhshi as MD & CEO

Sandeep Bakhshi will work as Managing Director & CEO of ICICI Bank for a period of three years with effect from October 15, 2018.

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ICICI Bank share price gained nearly 2 percent in morning on Tuesday after the Reserve Bank of India approved the appointment of Sandeep Bakhshi as Managing Director & CEO of the country's largest private sector lender.

Bakhshi will hold the position for a period of three years with effect from October 15, 2018.

On October 4, 2018, the board had approved the appointment of Bakhshi as Managing Director & CEO for a period of five years until October 3, 2023.

The board had approved the appointment of Sandeep Bakhshi as an Additional Director and Wholetime Director and Chief Operating Officer of the bank effective from June 19, 2018 which was subsequently approved by RBI on July 31, 2018 and the Shareholders of the bank on September 12, 2018.

Meanwhile, its earlier MD & CEO Chanda Kochhar resigned from both the position in the first week of October.

"The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry. Kochhar will also relinquish office from the board of directors of the bank's subsidiaries," the bank had said in its filing on October 4.

The bank said its board of directors is scheduled on October 26 to consider the approval of audited accounts for the quarter and half-year ended September 2018.

At 09:44 hours IST, the stock price was quoting at Rs 318.95, up Rs 5.75, or 1.84 percent on the BSE.
First Published on Oct 16, 2018 10:09 am
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