Chanda Kochhar quits ICICI Bank president

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Chanda Kochhar is under probe over allegations that her husband got loans from ICICI during her tenure as the bank's CEO and MD HIGHLIGHTS Chanda Kochhar sought early retirement from ICICI Bank The probe against Kochhar will not be impacted by this Sandeep Bakshi is taking over as CEO and MD of ICICI Bank

Chanda Kochhar has stepped down as the chief executive officer and managing director of the ICICI Bank. Kochhar, who is under probe over allegations of conflict of interest, sought early retirement from ICICI Bank.

The bank today announced that it has accepted Chanda Kochhar's request to retire early. The board said that it has accepted Kochhar's request seeking early retirement with "immediate effect".

Sandeep Bakshi will take over as the managing director and CEO of ICICI. Bakshi was already holding those posts in an interim capacity while Kochhar was on leave.

"The Board decided to appoint Mr Sandeep Bakshi as Managing Director & Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023," a statement released by ICICI Bank said.

The statement also said that Chanda Kochhar will relinquish office from the board of directors of the bank's subsidiaries.

Share prices of ICICI Bank rose sharply following this announcement.

ICICI Bank share prices spiked following the announcement that Chanda Kochhar has stepped down. The Bombay Stock Exchange was notified about the development at 1:49 pm.

The investigation into allegations that Kochhar's husband -- Deepak Kocchar -- got loans from ICICI Bank when she was the CEO and MD of the bank will remain unaffected by this development, the bank said in its statement.

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