New Delhi: ICICI Bank CEO Chanda Kochhar, being investigated for alleged conflict of interest, has resigned as  CEO and will be replaced by Sandeep Bakhshi, the lender confirmed on Thursday. Ms Kochhar, 56, had requested early retirement, the bank said. She will relinquish office from the board of directors with immediate effect, the private sector bank said in a regulatory filing. She will be replaced by Mr Bakhshi, who currently serves as executive director and chief operating officer at ICICI Bank.

Ms Kochhar will also demit office from the Board of Directors of the bank’s other units. “The enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry,” ICICI Bank said in the filing.

Mr Bakhshi’s appointment is subject to regulatory and other approvals, ICICI Bank said. He will be appointed for a period of five years until October 3, 2023, it added.

Separately, ICICI Bank said that it accepted the resignation of MD Mallya, Independent Director of the bank. Mr Mallya quit due to health reasons.