Churn within ICICI Bank as Chanda Kochhar goes on leave

RSTV Bureau
File photo of ICICI managing director and CEO Chanda Kochhar

File photo of ICICI managing director and CEO Chanda Kochhar

ICICI Bank CEO Chanda Kochhar would be on leave till completion of the external enquiry against her in the Videocon loan matter, the bank management announced as it named Sandeep Bakhshi as the Chief Operating Officer, who will now handle all the businesses in the interim.

Bakhshi, who is currently MD and CEO of ICICI Prudential Life Insurance, would take over as the bank’s COO on June 19, subject to various approvals.

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.

“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,” the filing said.

During Kochhar’s period of leave, Bakhshi would report to the board. She is already on a planned leave.

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. Last month, the bank had announced an independent enquiry into the allegations against Kochhar following a complaint from a whistle-blower.

The bank’s board also recommended the appointment of NS Kannan as MD and CEO of ICICI Prudential Life Insurance Company.

(With inputs from PTI)