Mumbai: ICICI Bank today said its board has appointed Radhakrishnan Nair as an additional (independent) director of the bank for five years.

The appointment is subject to the approval of shareholders, the private sector lender said in a regulatory filing.

Nair (63) is also an independent director of three subsidiaries of the bank – ICICI Prudential Life Insurance Company, ICICI Prudential Trust and ICICI Securities Primary Dealership. He is also a director at several other companies.

The filing further said that Tushaar Shah, non-executive independent director of the bank will complete his tenure of eight years as prescribed under the Banking Regulation Act, 1949 today and will cease to be the Director of the bank effective May 3, 2018.

Nair has around 40 years of experience in the banking industry and in the field of securities and insurance regulation. He started his banking career with Corporation Bank in August 1976.

In July 2005, he became an executive director at market regulator Securities and Exchange Board of India (SEBI). In March 2010, he joined Insurance Regulatory and Development Authority of India (IRDAI) as member (finance and investment).