Anup Bagchi who is presently executive director of ICICI Bank and non-executive director of the company, has been appointed as the MD and chief executive officer (CEO) of ICICI Prudential Life for five years. His appointment is effective from 19 June 2023. Bagchi will replace NS Kannan, who will superannuate from the services of the company on the completion of tenure of his appointment on June 18, 2023.

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This comes a day after when Neelkanth Mishra, co-head of Asia Pacific strategy and head of securities research of Credit Suisse in India, quit from his position. Mishra who has almost two-and-a-half decades of experience is set to join Mumbai-based Axis Bank Ltd. 

On the back of the news, shares of ICICI Prudential Life Insurance Company Ltd closed 6.73 per cent higher at Rs 409.90 each today. 

Anup Bagchi is presently executive director of ICICI Bank and non-executive director of the company, and to ensure a seamless transition, Bagchi has been appointed as executive director & chief operating officer (COO) with effect from May 1, 2023.

In his current role, Bagchi heads the wholesale banking, transaction banking, markets group, and proprietary trading groups. He is also a board member of ICICI Prudential Asset Management Company and Commerce Trade Services. Previously, Bagchi was the MD and CEO of ICICI Securities.

Bagchi who joined ICICI Group in 1992, has worked in the areas like retail banking, corporate banking and treasury. He worked as the executive director of ICICI Bank from February 2017 and the non-executive director of ICICI Prudential Life from October 2018.

ICICI Prudential Life Insurance Company was started as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited and is engaged in providing life insurance and asset management business. It was the first insurer in India which got listed on domestic stock exchange in 2016.