Asian Development Bank appoints Bhargav Dasgupta as VP of market solutions

This comes after Dasgupta stepped down as managing director and chief executive officer of ICICI Lombard General Insurance Company on Thursday

The Asian Development Bank (ADB) announced on Friday the appointment of Bhargav Dasgupta as vice-president for Market Solutions for three years. This development follows Dasgupta's resignation as Managing Director and Chief Executive Officer of ICICI Lombard General Insurance Company, which he tendered on Thursday.

Having joined ICICI Lombard in May 2009 as Managing Director and CEO, Dasgupta served the general insurance company for over 14 years. In his resignation letter, he highlighted his role in increasing the company's revenue sixfold and net profit by 78 times over the years.

Dasgupta also spearheaded ICICI Lombard's initial public offering, making it India's first listed general insurance company. Moreover, he expanded the company's international presence to 14 countries via branches, subsidiaries, or representative offices.

Initially, Dasgupta had been scheduled to step down from his position at ICICI Lombard in April 2024 after completing a 15-year term.

In his new role at ADB, Dasgupta will oversee the operations of its Private Sector Operations Department and the Office of Markets Development and Public–Private Partnerships.

Bhargav Dasgupta earned his postgraduate diploma in business administration from the Indian Institute of Management, Bangalore, and holds a bachelor of engineering degree in mechanical engineering from Jadavpur University, Kolkata.

In its statement announcing the appointment, ADB said, "ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members, 49 of which are from the region."