ICICI Bank, India's largest private sector bank, announced that the board of directors of the bank has approved the appointment of M. K. Sharma as the non-executive chairman of the bBoard for a period of five years, in place of K. V. Kamath who would shortly step down from the Board consequent to his nomination as the first president of the new development bank being established by the BRICS nations.

The appointment is subject to the prior approval of Reserve Bank of India (RBI), other regulatory approvals and would be effective July 01, 2015 or the date of receipt of RBI approval, whichever is later.

Shares of the bank gained Rs 3.85, or 1.36%, to settle at Rs 287.10. The total volume of shares traded was 1,464,547 at the BSE (Tuesday).