Chanda Kochhar quits as ICICI Bank CEO, Sandeep Bakhshi to replace her

MUMBAI: India’s third largest lender by assets, ICICI Bank Ltd, has appointed Sandeep Bakhshi as chief executive for a term of five years, replacing Chanda Kochhar, who sought early retirement, the bank said on Thursday.

The former head of the bank’s life insurance arm, Bakhshi took the helm on an interim basis in June, when Kochhar went on leave during an inquiry into an alleged conflict of interest that triggered months of controversy.

“The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome,” the bank said in a statement after a board meeting.

Kochhar, 56, who had headed ICICI Bank since May 2009, is also stepping down from the board of directors of its units, the bank added.

“This is a positive development...and it points to a better outlook going forward,” Lalitabh Shrivastawa, a banking analyst with brokerage firm Sharekhan, told television channel ET NOW.

“Clarity and direction was something that was very much desired and this is a welcome move.”

Bakhshi will lead ICICI for five years, subject to regulatory approval, while other conditions of his appointment remain unchanged, the bank said.

ICICI shares rose as much as 5.8 percent on the news.