Financial services major ICICI group today said that Anup Bagchi will replace Madhabi Puri-Buch as head of its brokerage unit, ICICI Securities, with effect from May 1, while the incumbent will move to ICICI Bank.

Ms Buch is going on a sabbatical for personal reasons to join her husband based abroad, but will remain a part of the leadership team at ICICI Bank, it said in a statement.

Her successor, Mr Bagchi, is currently an Executive Director with ICICI Securities (I-Sec) and will become the Managing Director & CEO with effect from May 1, 2011.

Commenting on the development, the ICICI Bank CEO and I-Sec Chairperson, Ms Chanda Kochhar, said: “Madhabi has been a member of our team for over 17 years and has played a key role in many of our businesses and initiatives, from building ICICI as a retail brand, to leading ICICI Securities.”

“While she remains a valued member of our leadership team, we respect her decision to accord priority to her family and wish her all the very best,” she said.

Mr Kochhar further said: “Anup has spent his whole career with the ICICI Group and has deep experience in capital markets and retail financial services. I am sure he will take ICICI Securities to even greater heights.”

Ms Buch said that she was looking forward to continuing to contribute to the group in the coming years. “I am glad that I will be able to give time to my family, while remaining a part of the ICICI Group,” she said.

Meanwhile, the board of the group’s general insurance arm, ICICI Lombard General Insurance Company, has announced the appointment of Mr Alok Agarwal and Mr Neelesh Garg as Executive Directors.

Both have been with ICICI General for several years, with Mr Agarwal working for the company’s corporate business and Mr Garg focused on the retail business.

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