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ICICI Bank denies media report of CEO Sandeep Bakhshi intending to quit
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The Morning Context had earlier reported that Bakhshi, MD & CEO at the bank since 2018 intends to step down, citing three people with knowledge of the matter.
Mumbai-based private lender ICICI Bank has denied “The Morning Context” story of its MD & CEO Sandeep Bakhshi expressing willingness to leave due to personal reasons, calling it “completely baseless and misleading.”
This is the exact text of the bank’s clarification to the exchanges:
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. 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 Morning Context had earlier reported that Bakhshi, MD & CEO at the bank since 2018, intends to step down, citing three people with knowledge of the matter. One of the sources said that he has some personal emergency. The report further stated that the Reserve Bank of India is against him stepping down.
In September last year, ICICI Bank had received approval from the RBI to re-appoint Bakhshi as MD & CEO, which was earlier approved by the shareholders at its AGM. As per the recent approval, Bakhshi will remain at the helm till October 2026.
Shares of ICICI Bank have recovered from the opening lows, and are currently trading 0.4% higher at ₹1,154. The stock has more than tripled since Bakhshi took charge of the bank in October 2018 and has been the best performer on the Nifty Bank index in the last five years.
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