ICICI MD Chanda Kochhar quits bank, Sandeep Bakhshi to replace her

WION Web Team New Delhi, Delhi, India Oct 04, 2018, 02.07 PM(IST)

File photo: Chanda Kochhar. Photograph:( Zee News Network )

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"The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," the bank said

ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect, reported news agency PTI.

The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing. 

"The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," the bank said Thursday. 

The board has decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer, the report added. 

His appointment will be for a period of five years until October 3, 2023, subject to various approvals. 

Kochhar was earlier sent on forced leave till the completion of an independent investigation into charges of conflict of interest against her in a case of her husband being a beneficiary of loans from the bank’s borrowers. 

The Central Bureau of Investigation (CBI) is probing into allegations that the ICICI Bank chief 's husband Deepak Kochhar's company NuPower Renewables received an investment from a Videocon group company as a quid pro quo for a loan from the bank.