Bakhshi will take over as the COO from 19 June or on the date of regulatory and other approvals, whichever is later, the Mumbai-traded lender said in a statement to the Bombay Stock Exchange (BSE). "The announcement from ICICI Bank shows that the current CEO has chose to go on leave".
"In line with the highest levels of governance and corporate standards, Ms. Chanda Kochhar has made a decision to go on leave till the completion of the inquiry, as announced on May 30, 2018", the bank said. Reports suggest the judge will soon appoint forensic auditors to scan the bank's books. He is widely speculated to take over as the next MD and CEO of ICICI Bank as Chanda Kochhar's term is coming to an end in March 2019.
To handle day-to-day operations of the bank, the board has appointed Sandeep Bakhshi (57) as COO of the bank-Bakhshi is now the MD & CEO of ICICI Prudential Life Insurance.
Bakhshi, who has been with the financial institution for over 20 years, manages the life insurance arm of ICICI, ICICI Prudential Life Insurance Company.
N.S. Kannan, executive director at ICICI Bank, will replace him as CEO of ICICI Prudential. This is a weak board as it should have asked her to go on leave, " Subramanian said.
Bakhshi started his career with the ICICI group in 1986 and has looked after the group's corporate, retail lending and insurance businesses.
Mohamed Elneny: We have no option other than to win
Cherchesov stated: "I trust my players and what they are capable of doing, whether Salah plays or not". He is a team player and that at least for me is extremely important now.
Comedian's father speaks out after she was murdered while walking home
After the comedians and the public in social networks commemorates Dixon, the country began a debate about violence against women. Ms Douglas said she was motivated to organise a Perth vigil after hearing about superintendent Clayton's statement.
Israel Arrests Former Government Minister for Iran Spying
Israel's internal security service has indicted one of the country's former cabinet minister on suspicion of spying for Iran .
The directors tried to soften the blow by saying in a statement that Bakhshi will report to Kochhar.
Now, ICICI Bank is reportedly considering a reshuffle at the top.
It was alleged that a company related to Videocon group chairman Venugopal Dhoot invested ₹64 crore in NuPower in 2010 and later, the proprietorship of the company was transferred to a trust owned by Mr. Kochhar for ₹9 lakh after the Videocon Group received a loan of ₹3250 crore from ICICI Bank in 2012. However, during the period of her leave, he will report to the board. The latest reports suggest Sandeep Bakhshi, the head of the bank's insurance division, will become the next CEO.
2016: Arvind Gupta, a whistleblower, writes to prime minister Narendra Modi and finance minster Arun Jaitley alleging nepotism by Kochhar in the loan extended to NuPower Renewables. An adverse finding could cut short even her present tenure Kochhar, who was on annual leave from the beginning of month, resumed office on Monday-if only briefly- and attended the board meeting which appointed Bakshi.