ICICI Bank shuffled the roles of some of its top executives after executive director Rajiv Sabharwal, who was leading retail lending, quit to probably head ICICI Home Finance which is being sold to private equity investors.
Anup Bagchi, who heads ICICI Securities, will replace Sabharwal, and B Prasanna, IT head of primary dealership, will move to the bank to look after its proprietary trading as group executive and head markets and proprietary trading, the bank said in a statemen ..
For ICICI, this is the third high profile exit in the past year with Zarin Daruwala quitting to head Standard Chartered Bank and K Ramkumar, who was head of its human resources, retiring from service. Sabharwal couldn't be reached for comments.
“The board took on record, the resignation of Rajiv Sabharwal, executive director consequent to his decision to pursue opportunities outside the ICICI Group,“ the statement said. Sabharwal will continue to work with the bank till January 31, ..
Sabharwal joined ICICI Bank in December 1998 and was instrumental in building the pri vate lender's retail assets and rural finance business. He quit the bank in 2008 to join private equity firm Sequoia Capital, but returned to ICICI in June 2010 to head the bank's retail business. Under Sabharwal, the bank's retail portfolio crossed . `2 lakh crore, up from `79,000 crore in March 2010. It .now accounts for over 46% of its total loans.
Bagchi who would succeed Sabharwal joined ICICI 1992 and has held key positions across retail, corporate, investment banking and treasury.
When Daruwala quit, the bank moved Vishaka Mulye from ICICI Ventures, a private equity firm, to head corporate banking.
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