Stories
ICICI Bank Nears Decision on Bagchi's Successor at ICICI Life
- •ICICI Bank is in the final stages of selecting a successor for Anup Bagchi, the outgoing MD & CEO of ICICI Life Insurance.
- •Bagchi is set to transition to HDFC Bank as MD & CEO, with his departure from ICICI Life expected on October 13.
- •Potential internal candidates for the ICICI Life top job include Anuj Bhargava, Rajesh Rai, and Sumit Sanghai, all long-serving ICICI Group veterans.
- •Anuj Bhargava, currently heading the bank’s large corporate client and corporate banking business, is considered a strong contender due to his seniority and traditional elevation path.
- •The bank is expected to announce the new CEO for its life insurance subsidiary by early next week.
Key Questions Answered
ICICI Bank is considering old-timers within the group to succeed Anup Bagchi, with Anuj Bhargava, Rajesh Rai, and Sumit Sanghai emerging as potential candidates. Bhargava is the senior-most executive currently heading large corporate and corporate banking, while Rai and Sanghai manage retail, business banking, and large clients.
Anup Bagchi is expected to step down from ICICI Life on October 13 and officially take charge as HDFC Bank's MD and CEO starting October 27, following a three-year approval by the RBI. He will initially join India's largest private bank as an additional director beginning October 2.
Traditionally, ICICI Bank has elevated corporate banking heads to lead its life insurance subsidiary, with figures like Shikha Sharma, Sandeep Bakhshi, and Anup Bagchi all serving in corporate banking before moving to the insurance business. The sole exception was former CFO NS Kannan, who took over the role in 2018.
