India’s ICICI Bank to probe allegations against CEO

ICICI Bank Ltd (ICBK.NS) said on Wednesday it will institute an inquiry into the allegations raised by an anonymous whistleblower against Chief Executive Chanda Kochhar.

ICICI, India’s third-biggest lender by assets, said the probe, headed by an independent person, would examine allegations that the chief executive did not adhere to provisions relating to the bank’s code of conduct and whether her actions involved “conflict of interest”.

The bank is battling allegations that Kochhar allegedly favored Videocon Group in its lending practices. Videocon’s founders had an investment in a renewable energy company founded by Kochhar’s husband.

The bank has backed Kochhar, calling the rumors “malicious and unfounded”.

Source: Reuters

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