The head of Private Banking for ICICI Bank in Hong Kong, Abraham Verghese, has been suspended on full pay according to sources close to the ...

The head of Private Banking for ICICI Bank in Hong Kong, Abraham Verghese, has been suspended on full pay according to sources close to the bank.

The suspension is thought to relate to the mutual funds and insurance products scandal that has dogged the bank in both Hong Kong and Kuwait.

According to local press reports, the bank had been selling insurance and mutual funds in Kuwait via local bank, Burgan Bank. The tie up between the two banks was subject to regulatory approval but funds were sold before approval was granted.

Funds have been sold in Hong Kong too, without the necessary approval. WealthBriefing understands that in addition to the suspension of Mr Verghese, the entire private banking sales team have also either been suspended or have left the company in the last few weeks.