ICICI Bank Limited (NSEI:ICICIBANK) and ICICI Venture Funds Management Company Limited have pulled out of the race to buy IL&FS Securities Services Limited (ISSL) subsidiary of Infrastructure Leasing & Financial Services Limited (IL&FS) due to a likely conflict of interest as the ICICI's Chairman GC Chaturvedi is also on the recast board of IL&FS, two people with direct knowledge of the development said. ICICI Bank has pulled out after submitting the bid. ICICI Bank did not respond to emails.