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Chanda Kochhar to go on leave till completion of enquiry: ICICI Bank

By Deepika
|

ICICI Bank on Monday said Chief Executive Chanda Kochhar would go on leave until the completion of an inquiry over an alleged conflict of interest, and named Sandeep Bakhshi, the head of its life insurance unit, as chief operating officer (COO) of the bank.

Chanda Kochhar

"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 as announced on May 30, 2018," the bank said in a statement to exchanges. "The Board has noted and accepted this. During her period of leave, the COO will report to the Board."

The bank also said that Bakhshi will report to Kochhar, who will continue in her role as MD & CEO of ICICI Bank.

Bakhshi has been the Managing All Executive Directors on the Board of ICICI Bank and the executive management will report to Bakhshi.

Sandeep Bakhshi is managing director and CEO of ICICI Prudential Life Insurance. Prior to this role, Bakhshi was the Deputy Managing Director of ICICI Bank. Bakhshi has also been the Managing Director (MD) and CEO (Chief Executive Officer) of ICICI Lombard General Insurance.

The bank has been in focus due to conflict-of-interest allegations by a whistle blower against Kochhar over loans to Videocon Industries which she has denied. It was alleged that she did not disclose business dealings of her husband Deepak Kochhar with the Dhoots of Videocon.

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