CEO of leading bank in India quits

ICICI Bank’s Chanda Kochhar, who is facing allegations of conflict of interest over a loan to Videocon Group that had in turn lent to a company partowned by her husband, has quit as the bank’s Chief Executive Officer and Managing Director. The inquiry against her will continue.

The bank has appointed its Chief Operating Officer Sandeep Bakhshi as the new CEO and MD with immediate effect, ICICI Bank said in an exchange filing.

In reaction, its shares rose, settling over 8.57 per cent higher at Rs315.95 apiece in Mumbai trading.

“The Board of Directors of ICICI Bank Limited accepted the request of Chanda Kochhar to seek early retirement from the bank at the earliest. The inquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the inquiry,” the company said.