Fraud-hit private lender ICICI Bank may appoint new chairman by the end of the month as current chairman MK Sharma's term ends on June 30, reported The Hindu BusinessLine.

A decision is expected at the next meeting of the board of directors of ICICI Bank this week, the daily said, adding that Sharma is understood to have indicated that he does not wish to continue.

The former Bank of Baroda chairman and managing director MD Mallya is the top contender for the post and he is understood to be the top choice of most directors, the report said.

The board of ICICI Bank has also been in contact with the Reserve Bank of India for its approval, the report added.

However, Mallya, along with five other former officials of Bank of Baroda, was questioned CBI with regard to the Rs 2,919 crore alleged loan fraud by Rotomac.

“This is the only issue, which could pose a problem with foreign investors. Otherwise Mallya is the top choice,” a source familiar with the development was quoted as saying in the report.

The bank is also looking to induct fresh people on the board, who can later serve as the non-executive chairman of ICICI Bank, HBL said.