Former finance ministry officials in shortlist for ICICI Bank chairman
29 June 2018
The board of India's second largest bank after SBI, will meet on Friday to discuss the appointment of a new chairman.
Four former bureaucrats who have worked with the finance ministry are in the shortlist of candidates to succeed M K Sharma, whose tenure as chairman ends on 30 June.
The selected candidate’s name will have to be cleared by the Reserve Bank of India.
The appointment of the new chairman comes at a time when ICICI Bank is battling one of its worst management crises.
Business Standard reported, citing a person privy to the development, “The board is of the view that the bank needs a seasoned bureaucrat from the Indian Administrative Service (IAS) who is methodological, has a good grasp over economy-related issues, and had served in a senior position in the Ministry of Finance.”
Among the names considered by the board of ICICI Bank, are former finance ministry officials, including former Sebi chirman C B Bhave, Shaktikanta Das, former revenue secretary and current member of 15th Finance Commission and India’s Sherpa at G20, D K Mittal, former financial services secretary; and Tapan Ray, former corporate affairs secretary and interim economic affairs secretary.
“It is prudent to select a candidate who could lead the board in the current situation as the bank is facing a reputational risk on account of various charges against ICICI Bank MD and CEO Chanda Kochhar. The decision should be able to convince shareholders to keep the faith in the system,” another person told Business Standard.