Moneycontrol
Last Updated : Jun 21, 2018 02:29 PM IST | Source: Moneycontrol.com

ICICI Bank gains over 2% on reports of likely appointment of new chairman

Further, reports of the bank appointing a law firm and risk assessment company to assist the independent enquiry against its CEO soothed market investors.

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ICICI Bank share price rallied more than 2 percent on Thursday on a media report that there could be appointment of new chairman soon.

The country's largest private sector lender may appoint former Bank of Baroda Chairman and Managing Director MD Mallya as a successor 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.

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

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

Further, reports of the bank appointing a law firm and risk assessment company to assist the independent enquiry against its CEO soothed market investors.

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.

At 14:14 hours IST, the stock price was quoting at Rs 300.20, up Rs 6.95, or 2.37 percent on the BSE.
First Published on Jun 21, 2018 02:29 pm
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