CEO Kochar to go on leave till completion of probe, says ICICI

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Chanda Kochhar, ICICI Bank CEO and managing director, will go on leave until the completion of the probe, the bank said on June 18. The allegations against Kochhar relate to Rs. 3,250 crore loan which was granted to the Videocon Group in 2012.

In March 2018, a whistle-blower alleged that Kochhar’s husband and her family members benefited from these dealings. The complaint read that Kochhar had not adhered to the lender’s code of conduct of the bank. The bank had then straightaway rejected the accusations and reposed “full faith” in the managing director.

In May 2018 ICICI bank decided to initiate a comprehensive inquiry to look into the same.

Highlights

Bank appointed Sandeep Bakhshi, who heads the life insurance arm of the bank, as Chief Operating Officer (COO), for a period of five years with effect from 19 June or on the date of other approvals.

 Bakhshi will report to Kochhar, who will continue in her role as MD and CEO of Bank, the BSE filing said. But till her leave COO will report to the board.

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.

Bakhshi has been the Managing Director & CEO, of ICICI Prudential Life Insurance Company, since August 01, 2010.

Prior to this role, Bakhshi was the Deputy Managing Director of ICICI Bank.

Bakhshi has extensive experience of leading both corporate and retail businesses across ICICI Group. He started his career with ICICI Ltd. in 1986.