By SM.18 Jun, 2018
ICICI Bank has appointed Sandeep Bakshi as COO (Chief Operating Officer) and whole time director of the bank, said a BSE filing today. The current CEO and MD, Chanda Kochhar will be on leave till the completion of the inquiry. Bakshi"s appointment as COO will be for a period of five years, subject to regulatory approvals. He will take over as the COO from June 19, 2018, or on the date of regulatory and other approvals, whichever is later. Bakhshi will be responsible for handling all the businesses and corporate centre functions at the bank.
ICICI had earlier said Chanda Kochhar was on her annual leave, following media reports that she had gone on an indefinite leave.
Sandeep Bakhshi is managing director and CEO of ICICI Prudential Life Insurance.
Earlier on Monday, the Bombay Stock Exchange had asked ICICI to respond to media reports that the bank was considering a top level reshuffle. ICICI Bank"s shares had ended at Rs. 292.50, with a gain of 3.61 per cent on Monday.
The board last month constituted an independent external probe panel after allegations that Chanda Kochhar had violated the bank"s code of conduct. Media reports said retired Supreme court judge BN Srikrishna would head the probe.
The allegations against Chanda Kochhar relate to a Rs. 3,250 crore loan granted to the Videocon Group in 2012. In March, a whistle-blower alleged that Kochhar"s husband Deepak Kochhar and her family members benefited from these dealings. Videocon"s Venugopal Dhoot had an investment in NuPower Renewables founded by Mr Kochhar. The bank had then rejected the accusations of nepotism and reposed "full faith" in the managing director.
On May 30, the bank announced that its board had decided to institute a "comprehensive enquiry" to look into a complaint that Ms Kochhar had not adhered to the "code of conduct" of the bank. As more allegations surfaced, a multi-agency probe was launched against Ms Kochhar.
Chandra Kochhar began her career with the ICICI Limited in 1984 and was elevated to the board of directors of ICICI Bank in the year 2001. She served as the joint managing director and chief financial officer from 2007 to 2009, and was elevated to managing director and CEO in 2009. She has been responsible for the bank"s diverse operations in India and overseas since then, according to the bank"s website, icicibank.com.