ICICI Bank Says MD&CEO Sandeep Bakhshi Is Not Leaving, Terms Media Report as 'Figment of Imagination' and 'Misleading'
Moneylife Digital Team 02 May 2024
Terming the media report about its managing director and chief executive officer (MD&CEO) Sandeep Bakhshi leaving ICICI Bank as a 'figment of imagination', the lender says the report is 'baseless and misleading'. The Morning Context, a news portal, published a report titled 'ICICI Bank in a tizzy after CEO move comes out of left field'.
 
In a regulatory filing, ICICI Bank says, "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 a figment of imagination and, therefore, completely baseless and misleading. It appears that this rumour is being spread with an ulterior motive and malicious intent in order to harm the Bank and its stakeholders."
 
The news report says, "Sandeep Bakhshi's (sic) feeler indicating he wants to be relieved has the Reserve Bank of India (RBI) worried and the (ICICI) bank scrambling to find a replacement. It helps that it has a deep bench."
 
Quoting three people with knowledge of the matter, the report stated that Mr Bakhshi has indicated that he wants to be relieved as MD&CEO of ICICI Bank due to some personal emergency.
 
"But RBI is dead set against him stepping down. Rather, it is all for him to continue at the helm of the Bank for as long as possible—which means Mr Bakhshi, 63, could stay another seven years. "The central bank suggested that he work remotely if the need arises," the report says.
 
Mr Bakhshi has been ICICI Bank's MD&CEO since 15 October 2018. Before being appointed as MD&CEO, he was a wholetime director and chief operating officer (COO) of the Bank. 
 
Since 1986, Mr Bakhshi has been working with the ICICI group and has handled various assignments across the group in ICICI Ltd, ICICI Lombard General Insurance, ICICI Bank, and ICICI Prudential Life Insurance.
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