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MACRO INTELLIGENCE MEMO

ICICI Bank: Sandeep Bakhshi's Digital-First Leadership Through Crisis

DATE: June 2030 | SUBJECT: CEO Execution Excellence | CLASSIFICATION: C-Suite Edition

EXECUTIVE SUMMARY

Sandeep Bakhshi, ICICI Bank CEO, executed three critical decisions during crisis that positioned the bank as sector leader:

  1. Maintain aggressive digital transformation despite crisis (Q2 2029)
  2. Continued AI platform investment even as others cut capex
  3. Cost: ₹180 crore additional R&D spend

  4. Benefit: 12-15% approval rate advantage; 60% cost reduction in digital customer acquisition

  5. Proactive credit restructuring program (Q4 2029)

  6. Identified 180,000 borrowers at delinquency risk
  7. Offered restructuring terms preventing cascading defaults

  8. Preserved asset quality better than competitors

  9. Maintain dividend despite NPA pressure (Q2 2030)

  10. Dividend at ₹3.50/share (maintained)
  11. Signaled capital confidence
  12. Retail investors (40% of ownership) retained

RESULTS

By June 2030: - Stock: -16% (vs. sector -34%) - Market cap: $78B - NPA: 2.8% (vs. sector 4.2%) - ROE: 13.8% (vs. sector 9.2%) - Dividend maintained (vs. sector cuts)

Bakhshi's leadership proved that digital-first strategy + proactive crisis management + capital confidence = sector outperformance.

THE 2030 REPORT | Executive Leadership Division | June 2030 | Confidential