ICICI Bank on Monday appointed Sandeep Bakhshi as whole time Director and Chief Operating Officer (COO) for a period of five years.

Bakhshi will take over as COO from June 19, 2018.

ICICI Bank said that Bakhshi will report to the board while chief executive officer Chanda Kochhar is on annual leave for unknown duration.

"Bakhshi will be responsible for handling all the businesses and corporate centre functions at the bank. All executive directors on the board of ICICI Bank and the executive management will report to him," said ICICI Bank press release.

Sandeep Bakhshi has been associated with the ICICI bank group for 32 years, working across its diverse verticals. "We believe that this deep association should aid a smooth transition," said Jefferies on the latest development.

Bakhshi is currently the chief executive officer of ICICI Prudential Life (IPRU) Insurance.

The reshuffle happened amid investigations into Kochhar's alleged violation of the code of conduct in the bank's dealings with Videcon Group.

Despite the recent negative news flow, Jefferies maintained a Buy on ICICI Bank due to gradual improvement in the operating environment. The financial group also maintained a Buy on IPRU, driven by the visible levers for margin improvement.

First Published:Jun 18, 2018 8:39 PM IST