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.
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.
“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.
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