Chanda Kocchar Goes On Leave, Sandeep Bakhshi Appointed COO Of ICICI Bank

New Delhi: ICICI Bank Chairman Chanda Kochhar will be on leave till completion of inquiry against her in the Videocon loan matter, the Bank announced on Monday. Sandeep Bakhshi has been appointed as the Chief Operating Officer for the interim period.

Bakhshi currently serves as the MD and CEO of ICICI Prudential Life Insurance. He would be taking up as the bank’s COO after regulatory approvals. The appointment will be for a period of five years and he will be handle the businesses of the bank.

Chanda Kochhar and her family have been accused of conflict of interest with respect to a loan of Rs 3, 250crore granted to Videocon group.

On May 30, the bank had announced to hold an indpedent inquiry into the incident.

The Bombay Stock Exchange had also asked ICICI Bank to respond to reports that it was considering a top-level reshuffle.

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