In Chanda Kochar's absence, ICICI Bank turns to Sandeep Bakhshi

ICICI Prudential Life Insurance CEO Sandeep Bakhshi, 57, was elevated as the chief operating officer (COO) of ICICI Bank, India's largest private sector bank by consolidated assets.

Bakhshi will be replacing current CEO Chanda Kochhar, who's on a long leave till an independent investigation into an alleged conflict of interest matter in lending to the Videocon Group concludes. Kochhar's term ends in March next year.

Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh and has a post-graduate degree in management from Xavier Labour Relations Institute or XLRI, Jamshedpur. In his new role, he will be responsible for handling all the businesses and corporate centre functions at ICICI Bank.

He was made the top boss of the group's non-life insurance company, ICICI Lombard General Insurance Co. Ltd, for two years between March 2007 and April 2009.

Bakhshi became the deputy managing director and head of retail in the bank before shifting to the life insurance company in August 2010.

He will return to ICICI Bank after serving as managing director and CEO of ICICI Prudential for eight years. During Bakhshi's tenure, ICICI Prudential Life Insurance was transformed into one of the leading private life insurance companies in the country.

The biggest challenge for Bakhshi will be taming the bad loan problem, checking falling profits, allaying concerns of investors, shareholders and regulators around corporate governance.

ICICI Bank's consolidated total assets stood at $172.5 billion at March 31, 2018. The bank's March 2018 quarter net profit stood at Rs 1,020 crore, its lowest in the last eight quarters. The bank has seen a consistent drop in net profit over the quarters, as Q3 FY18 profit stood at Rs 1,650 crore, while the previous year's Q4 and Q3 profits stood at Rs 2,020 crore and Rs 2,440 crore, respectively.