Mumbai, Oct. 14: Rajiv Sabharwal, head of retail banking at ICICI Bank, has quit the country's second-largest bank. He will be replaced by ICICI Group veteran Anup Bagchi, who is currently the managing director and chief executive officer of ICICI Securities Ltd.

Announcing key changes in its senior management, ICICI Bank today said Bagchi had been appointed as the executive director for five years, subject to necessary approvals.

He will take over as the head of retail banking from November. His appointment to the board will be effective from February 1, 2017, or the date of regulatory approval of his appointment, whichever is later, the statement added.

Bagchi, who has a strong expertise both in the retail and technology fronts, had joined ICICI Ltd in 1992. Over the last 24 years, he has worked in key positions in the ICICI group in retail banking, corporate and investment banking and treasury. He was appointed as the managing director and CEO of ICICI Securities in May 2011. Prior to that, he was the executive director at ICICI Securities.

During his tenure at ICICI Securities, he had led the growth and development of retail and institutional broking, retail financial product distribution, wealth management and corporate finance businesses. Sources said his leadership had seen ICICI Securities becoming the country's largest retail broking company in terms of profit, revenues and market share. Under him, ICICI Securities was the first to introduce several technology-based initiatives in retail broking such as online IPO and mutual fund application.

"Rajiv Sabharwal, executive director, has decided to pursue career opportunities outside the ICICI group. The board has placed on record its appreciation of his contribution to ICICI Bank. To facilitate a smooth transition, Rajiv Sabharwal will continue in office as executive director till January 31, 2017," ICICI Bank said.

There are speculations that Sabharwal, who has been with the lender for nearly two decades (he quit the bank in 2008 to join Sequoia Capital and rejoined couple of years later), is likely to join a private equity firm.

Meanwhile, the board of directors of ICICI Securities has appointed Shilpa Kumar, group executive and head (markets & proprietory trading) at ICICI Bank, as managing director and CEO of ICICI Securities with effect from November, subject to necessary approvals.