LIC, GIC Re chiefs to withdraw from ICICI Bank board

The government has asked the chiefs of state-owned insurance companies LIC and GIC Re to withdraw from the board of ICICI Bank. It said the presence of LIC and GIC Re chiefs on the board of the private sector bank, which has own life and general insurance arms that compete with their respective firms, could amount to conflict of interest. The chiefs of both LIC and GIC Re enjoyed board-level representation at the bank as both the institutions were promoters of ICICI Ltd which was merged with ICICI Bank. The bank runs its own life insurance and general insurance businesses ...

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