Discover Sandeep Bakhshi, the man responsible for ICICI Bank's success story
One of the best paid bankers in India, Sandeep Bakhshi assumed the role of Managing Director and CEO of ICICI Bank on October 15, 2018. The private lender was having problems when Bakshi was promoted to the top position at ICICI Bank. Chanda Kochhar, his predecessor, had resigned due to charges of money laundering. Sandeep Bakhshi assisted ICICI Bank in regaining its lost reputation at a time when people's confidence in the bank was waning.
On May 28, 1960, Sandeep Bakhshi was conceived. He graduated from Chandigarh's Punjab Engineering College with a degree in mechanical engineering. After that, he completed a post-graduate management program at Jamshedpur's Xavier School of Management (XLRI).
Since 1986, Bakhshi has been connected to the ICICI group. In April 2002, he was appointed MD and CEO of ICICI Lombard General Insurance. Following that, he served as the MD and CEO of ICICI Prudential Life Insurance from August 2010 to June 2018. He served as a Wholetime Director and Chief Operational Officer (COO) of the Bank before being appointed as the MD and CEO of ICICI Bank.
When Bakhshi gained control of ICICI Bank in 2018, the company's BSE share price was Rs 313.35 per unit. On March 16, 2023, a day following Bakhshi's promotion, the shares ended at Rs 825 a share. This demonstrated that the investors had confidence in the bank's management.
Sandeep Bakhshi's leadership helped ICICI Bank's market capitalization rise to around Rs 5.74 lakh billion.
His annual remuneration for the fiscal year 2022 was reportedly Rs 7.98 crore, or almost Rs 65 lakh per month. After the COVID-19 epidemic, there was a financial problem, and Sandeep Bakhshi allegedly did not get a salary in 2021.
According to a Forbes India article, ICICI Bank's core operating profit increased by 77% to Rs 10,600 crore as of December 31, 2021, from Rs 5,667 crore in the third quarter of 2018, when Bakhshi assumed leadership.