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ICICI Bank Board Divided Over Retaining Chanda Kochhar as CEO et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Apr 9, 2018 1:05 PM 2 min read
Editorial

End of Day Wrap-up (Monday / April 09, 2018) #ICICIBank #ChandaKochhar #Novartis #Facebook #CambridgeAnalytica #Alibaba #NPA #NCLT #AveXis #Transfin

Editor's comment: The board of ICICI Bank Ltd which had expressed full faith in Chanda Kochhar earlier is reportedly divided over retaining Chanda Kochhar as Chief Executive Officer. The board likely to convene this week to consider its next move. Kochhar’s current tenure as CEO is set to end on March 31, 2019.

 

Reserve Bank of India puts 11 banks under the Prompt Corrective Action (PCA) framework with an aim to check Non-Performing Assets (NPAs). PCA framework restricts the amount of loans banks can extend. 

 

RBI increases limits for overseas investors that could lure USD16 billion of additional funds into the nation’s sovereign as well as corporate debt. Foreign investors will be allowed to increase holdings of a sovereign, state and corporate bonds by INR1.04 trillion (USD16 billion) in the fiscal year to March 2019.

 

Chinese e-commerce company Alibaba Group Holding Ltd. leads a USD600 million funding round in SenseTime Group Ltd. SenseTime is a facial recognition start-up and makes surveillance systems for law enforcement and commercial applications.The funding values Beijing-based SenseTime at more than USD4.5 billion.

 

Swiss pharmaceutical company Novartis agrees to buy U.S.-based gene-therapy company AveXis Inc for USD8.7 billion. Novartis on drug development Novartis will pay USD218 for each share in Illinois-based AveXis, an 88% premium to its closing price on April 6. Novartis CEO Vasant Narasimhan promises to refocus.

 

Facebook will begin notifying its 87 million users, including 562,455 in India, if their personal data was “improperly shared” with the British political consultancy firm Cambridge Analytica.Those affected by the data privacy breach will see a detailed message at the top of their news feeds.