ICICI Bank Ltd.’s Executive Director Anup Bagchi will replace ICICI Prudential Life Insurance Company Ltd.’s Managing Director and Chief Executive Officer N.S. Kannan on his retirement in June.

Kannan will retire from the services of ICICI Prudential on completion of his tenure on 18 June, the private sector life insurer said in a stock exchange announcement.

The board approved the appointment of Bagchi, who is also a non-executive director of ICICI Prudential, as MD & CEO of the company for five years with effect from 19 June, or the date of regulatory approvals, whichever is later, it added.

ICICI Prudential said to ensure a seamless transition, the board also approved the appointment of Bagchi as the executive director and chief operating officer of the company with effect from 1 May.

Bagchi is the non-executive director of the company since October 2018, according to the statement. He has worked extensively in the areas of retail banking, treasury, investment banking, small scale industry, and payment & settlement systems, it said.

ICICI Prudential is promoted by ICICI Bank and Prudential Corporation Holdings Ltd., an indirect wholly owned subsidiary of Prudential Plc.

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