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Autonomous driving has a natural bi-level structure. The goal of the upper behavioural layer is to provide appropriate lane change, speeding up, and braking decisions to optimize a given driving task. However, this layer can only indirectly influence the driving efficiency through the lower-level trajectory planner, which takes in the behavioural inputs to produce motion commands. Existing sampling-based approaches do not fully exploit the strong coupling between the behavioural and planning layer. On the other hand, end-to-end Reinforcement Learning (RL) can learn a behavioural layer while incorporating feedback from the lower-level planner. However, purely data-driven approaches often fail in safety metrics in unseen environments. This paper presents a novel alternative; a parameterized bi-level optimization that jointly computes the optimal behavioural decisions and the resulting downstream trajectory. Our approach runs in real-time using a custom GPU-accelerated batch optimizer, and a Conditional Variational Autoencoder learnt warm-start strategy. Extensive simulations show that our approach outperforms state-of-the-art model predictive control and RL approaches in terms of collision rate while being competitive in driving efficiency.