New Delhi: The ICICI Bank on Monday named Sandeep Bakhshi as chief operating officer, who would be handling all the businesses. In a significant development, Bakhshi, who is currently MD and CEO of ICICI Prudential Life Insurance, would take over as the bank’s COO on Tuesday, subject to various approvals.
It also announced that its CEO Chanda Kochhar would be on leave till completion of the internal enquiry against her in the Videocon loan matter. In line with the highest levels of governance and corporate standards, Kochhar has decided to go on leave till the completion of the enquiry as announced on May 30, 2018, the bank said in a filing.
Kochhar, family under scanner
- During Kochhar’s period of leave, Bakhshi would report to the board.
- Kochhar and her family members are facing allegations of quid pro quo and conflict of interest with respect to a loan extended to the Videocon group.
- In May, the bank had announced an independent enquiry into the allegations against Kochhar following a complaint from a whistle-blower.
Bakhshi to report to Kochhar
Bakhshi will be responsible for handling all the businesses and corporate centre functions at the bank. All executive directors on the board of ICICI Bank and the executive management will report to him. Bakhshi will report to Chanda Kochhar, who will continue in her role as MD and CEO of ICICI Bank. ICICI Bank
NS Kannan may be appointed as…
The bank’s board also recommended the appointment of NS Kannan as MD and CEO of ICICI Prudential Life Insurance Company.