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

The board of directors of ICICI Bank has appointed Sandeep Bakhshi as its Wholetime Director and Chief Operating Officer (COO) designate.

Bakhshi's appointment as COO will be 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.

All executive directors on the bank's board and its executive management will report to Bakhshi, who in turn will report to Managing Director and Chief Executive Officer Chanda Kochhar, the bank added.

Bakhshi, who joined ICICI over three decades ago, has been MD and CEO of ICICI Prudential Life Insurance Company since August 2010. He held the position of the bank's deputy managing director earlier.

"Mr Bakhshi has extensive experience of leading both corporate and retail businesses across ICICI Group. He started his career with ICICI Ltd in 1986. He looked after the corporate clients for the Northern and Eastern regions of ICICI Limited before joining ICICI Lombard in 2002," the private lender said in a statement.

Kochhar, who is the subject of an inquiry into the alleged Videocon loan deal, will be on leave until the inquiry is completed. For as long as she is on leave, Bakhshi will report to the board.

Subsequent to Bakhshi's appointment, the bank's board has recommended to the board of ICICI Prudential Life that it appoint NS Kannan as its MD and CEO.