ICICI Bank begins hunt for chairman after Sandeep Bakshi’s COO appointment as Chanda Kochhar goes on leave

By: | Published: June 20, 2018 1:20 PM

After Sandeep Bakshi’s appointment as the chief operating officer, ICICI Bank may get a new chairman as incumbent MK Sharma’s tenure ends on June 30.

MCA, nupower renewables, ICICI bank, ICICI bank controversy, chanda kochharIn 2017-18, ICICI Bank’s gross NPA was 8.84 percent of total loans. (PTI)

After Sandeep Bakshi’s appointment as the chief operating officer, ICICI Bank may get a new chairman as incumbent MK Sharma’s tenure ends on June 30. MK Sharma has already sent signals that he is not interested in continuing as the chairman for one more term. Among the several names doing rounds, MD Mallya, former Bank of Baroda CMD, who is already on the ICICI Board, the name of a former SBI chairman is also being considered, The Indian Express reported citing an unidentified source. “There’s also a chance that one of the existing board members can be considered for the post. Sharma was an independent director on the board of ICICI Bank from 2003 to 2011,” The Indian Express reported citing an unidentified source.

In case the bank board is unable to find MK Sharma’s replacement by end of June, it may ask him to continue till a suitable replacement is identified, the report said. Sandeep Bakhshi is widely speculated to take over as the next MD and CEO of ICICI Bank, The Indian Express had reported.

The Indian Express had first reported about the the quid pro quo and conflict of interest while issuing loans to certain borrowers including the Videocon group which in turn funded NuPower Renewables, an entity in which Deepak Kochhar, husband of the bank’s MD and CEO Chanda Kochhar, has economic interest.

Meanwhile, Sandeep Bakhshi has started to work in his new capacity while regulatory approvals are still being awaited, Financial Express reported on Tuesday citing sources close to the matter. NS Kannan has taken charge as the MD & CEO of ICICI Prudential Life Insurance. “The regulatory approvals could take as much time as a month to come. The new COO has started work from today,” the source quoted above said.

It is being said that Bakhshi will be expected to take concrete steps towards resolving the non-performing assets (NPA) problem. In 2017-18, the bank’s gross NPA was 8.84 percent of total loans, compared to around 4.32 percent in 2009, when Chanda Kochhar took over as the MD and CEO of the bank.

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