As CEO faces probe, ICICI Bank may shuffle top deck
India's largest privately owned bank may bring in its insurance arm's CEO as interim chief during the independent probe
India’s largest private-sector lender ICICI Bank, whose chief executive officer is embroiled in charges of nepotism and conflict of interest, may witness changes at the top to salvage its reputation.
The bank is discussing a reshuffle that may see its life-insurance venture’s CEO Sandeep Bakhshi become interim chief at ICICI Bank, Economic Times reported.
B N Srikrishna, a retired Supreme Court judge, will investigate the role of current CEO Chanda Kochhar, who is likely to be on leave until the investigation is complete, the daily added.
In March the bank was rocked by conflict-of-interest allegations raised by a whistleblower against Kochhar over loans to Videocon Industries. It was alleged that she did not disclose her husband Deepak Kochhar’s business dealings with Videocon Group chairman Venugopal Dhoot.
While initially the ICICI Bank board maintained that Chanda Kochhar was in the clear, a second accusation was made recently on similar grounds. The board then ordered an independent probe by Srikrishna.