AMN /NEW DELHI
ICICI Bank on Monday appointed Sandeep Bakhshi as full time director and Chief Operating Officer (COO), the bank said in a statement to exchanges.
Chanda Kochhar to continue as managing director and chief executive officer (CEO) of the bank but will be on leave till the internal inquiry is completed, it added.
“In line with the highest levels of governance and corporate standards, Chanda Kochhar has decided to go on leave till the completion of the inquiry as announced on May 30, 2018 + . The board has noted and accepted this. During her period of leave, the COO (Bakhshi) will report to the Board,” the bank stressed stated.
Bakhshi has been the managing director and CEO of ICICI Prudential Life Insurance Company since August 1, 2010. Prior to this role, he was the deputy managing director of ICICI Bank.
The bank’s board also recommended to the directors of ICICI Prudential to appoint NS Kannan as the managing director and CEO of the company.
The second largest private sector lender is facing allegations over conflict of interest in loans made to Videocon group which is alleged to have been favoured by CEO Kochhar. The allegations against Kochhar relate to a loan worth Rs 3,250 crore granted to the Videocon in 2012.
Earlier in the day, the bank’s shares ended 4 per cent higher amid reports of reshuffle of the top management.