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Last Updated : Jun 21, 2018 08:29 AM IST | Source: Moneycontrol.com

ICICI Bank may appoint MD Mallya as new chairman: Report

Former Bank of Baroda Chairman and Managing Director MD Mallya may be appointed as a sucessor to the current ICICI Bank Chairman MK Sharma when his term expires on June 30

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ICICI Bank may appoint former Bank of Baroda Chairman and Managing Director MD Mallya as a sucessor to the current ICICI Bank Chairman MK Sharma when his term ends on June 30.

The bank has sought the Reserve Bank of India’s (RBI’s) approval for the same in the first week of June, reported Mint quoting sources.

Moneycontrol could not independently confirm the development.

Mallya is currently an independent director on ICICI Bank's board.

“I believe the proposal was sent to RBI after discussing with the board. The majority of the board is in favour of Mallya as the chairman. The RBI decision has to concur with board’s proposal in such matters. (Still) the bank is yet to hear from RBI,” an executive familiar with the development told the paper on condition of anonymity.

As per the report, RBI and ICICI Bank did not reply to an email query.

Also read — Sandeep Bakhshi to take over as ICICI Bank Wholetime Director, COO

On Monday, the board of directors of ICICI Bank had appointed Sandeep Bakhshi as its Wholetime Director and Chief Operating Officer (COO) designate.


Bakhshi's appointment as COO is for a period of five years, subject to regulatory approvals, and his tenure will start on June 19, the bank said in a disclosure to exchanges.

The new COO will be responsible for handling all businesses and corporate operations of the bank.

Also read — COMMENT-Here's how Chanda Kochhar's exit will impact the ICICI Bank stock price

Over the last two months, the allegations of nepotism and conflict of interest in granting loans to Videocon Group against ICICI Bank CEO Chanda Kochhar have been rife. But the board and the chairman on multiple occasions have clarified their stand to back Kochhar.

Since the issue first came to light in March-end, at least three positions of directors including Mallya's and government nominee on the board have seen reappointments.

Sharma was appointed as non-executive chairman of the bank on July 1, 2015, for a period of three years.
First Published on Jun 21, 2018 08:29 am