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Report: ICICI Bank begins search for new chairman

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Report: ICICI Bank begins search for new chairman

India's ICICI Bank Ltd. has begun looking for a replacement for outgoing Chairman Mahendra Kumar Sharma, who is set to step down June 30, the Press Trust of India reported June 4, citing people close to the development.

The bank's board is considering whether to appoint the new chairman from the existing pool of independent directors or to appoint an outside nominee, the sources said.

Among those being considered is Mangalore Devadas Mallya, who joined the board late in May. Mallya is a former chairman and managing director of Bank of Baroda.