ICICI’s CTO quits to join IDFC first bank as COO

1BENGALURU | MUMBAI: Madhivanan Balakrishnan, the chief technology and digital officer at private sector lender ICICI BankNSE 0.54 %, has resigned and will join IDFCNSE -0.28 % First Bank as chief operating officer, two people in the know of the matter said.

IDFC First Bank, formed after a merger of the recently licensed IDFC Bank and non-banking finance company Capital First, is expected to use Balakrishnan’s tech know-how to build a strong tech team.

The appointment of Balakrishnan, popularly known as ‘Madhi’ in banking circles, comes at a time when IDFC First is trying to revitalise itself under a new leadership. “Balakrishnan was the main force driving fintech initiatives at ICICI Bank, and was the go-to person for all partnerships the bank would strike with technology startups,” said a senior banker.

IDFC First and ICICI Bank did not respond to ET’s emailed queries till the time of going to press.

IDFC First’s new CEO, V Vaidyanathan, was earlier with ICICI Bank.