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Chanda Kochhar to remain on leave, Sandeep Bakhshi appointed COO: ICICI Bank

Press Trust of India  |  New Delhi 

The today announced that its would be on leave till completion of the internal enquiry against her in the Videocon loan matter and named as chief operating officer, who would be handling all the businesses.

In a significant development, Bakhshi, who is currently MD and of ICICI Prudential Life Insurance, would take over as the bank's 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 said in a filing.

"Bakhshi will be responsible for handling all the businesses and corporate centre functions at the All directors on the board of and the management will report to him.

"Bakhshi will report to Chanda Kochhar, who will continue in her role as MD and 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

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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 18 2018. 21:30 IST