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ICICI Bank Asks CEO Chanda Kochhar to Go on Leave Till Completion of Conflict of Interest Probe

The bank has appointed Sandeep Bakhshi, who is currently MD and CEO of ICICI Prudential Life Insurance, as the chief operating officer.

File photo of ICICI Bank CEO Chanda Kochhar. (PTI)
New Delhi: ICICI Bank on Monday announced that CEO Chanda Kochhar has been asked to go on leave till the completion of an internal enquiry against her in the Videocon loan case and Sandeep Bakhshi has been appointed as the chief operating officer.

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.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 N S Kannan as MD and CEO of ICICI Prudential Life Insurance Company.

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Source: News18