Chanda Kochhar goes on leave, Bakhshi interim head of ICICI

ICICI Bank named group veteran Sandeep Bakhshi as its interim head, and said Chief Executive Chanda Kochhar would go on leave till the probe over an alleged conflict of interest that has led to months of controversy for the lender is underway.

Bakhshi, who currently heads ICICI’s life insurance arm, will take up a newly created position of chief operating officer at the bank for a five-year term beginning June 19, pending regulatory approvals, the bank said in a statement late on Monday.

ALSO READ: ICICI to conduct an independent enquiry against Chanda Kochhar

Bakhshi will report to the bank’s board while Kochhar is on leave and will be responsible for handling all the businesses and corporate centre functions, ICICI Bank said. All the executive directors of the bank and its executive management would report to Bakhshi.

Kochhar, 56, who has been CEO of ICICI Bank, India’s third-biggest lender by assets, since May 2009, has faced allegations of favouring Videocon Group, a consumer electronics and oil and gas exploration company, in the bank’s lending practices. Videocon’s founders had an investment in a renewable energy company founded by Kochhar’s husband.
Though the Bank’s board initially backed Kochhar saying that the alleged nepotism charges against her were “malicious and unfounded”, last month it instituted a probe to look into allegations raised by an anonymous whistleblower.

“In line with the highest levels of governance and corporate standards, Ms. Chanda Kochhar has decided to go on leave till the completion of the enquiry,” the bank said.

The bank has yet to provide any details of the probe.

Click here for Latest News updates and viral videos on our AI-powered smart news genie

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here