 "ICICI Bank plans IPO of broking arm")
Global Rating agency Fitch on Monday said that an investigation into allegations that India's ICICI Bank extended a loan with a potential conflict of interest raises questions over the bank's governance and creates reputational risks, says Fitch Ratings.
Other regulatory sanctions are also possible, depending on the outcome of the investigation, rating agency said in a statement.
The allegation relates to a $ 500 million loan to Videocon Group, whose controlling shareholder co-founded a separate company with the spouse of ICICI's CEO. A significant portion of the loan has since become non-performing.
ICICI's board has denied any wrongdoing, highlighting that
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