May 30, 2018 / 10:54 AM / in 5 months

India's ICICI Bank to probe allegations against CEO

(Reuters) - 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.

FILE PHOTO: A security guard sits outside an ICICI bank branch in Mumbai, India, April 4, 2018. REUTERS/Francis Mascarenhas

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”.

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Vyas Mohan

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