HDFC Bank Appoints Anup Bagchi as New MD and CEO
HDFC Bank has appointed Anup Bagchi as its next MD and CEO, bringing clarity to the succession at the country's largest private sector lender. The appointment follows approval from the RBI under Section 35B of the Banking Regulation Act, 1949.
Bagchi will assume the position on October 27, 2026, after the current MD and CEO, Sashidhar Jagdishan, completes his term on October 26. Jagdishan has not sought reappointment for another term.
Bagchi's Appointment
HDFC Bank had earlier submitted two names to the RBI for consideration for the top post. These included Anup Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, and Kaizad Bharucha, Deputy MD of HDFC Bank.
Following the RBI's approval, Bagchi has also been appointed as an Additional Director of HDFC Bank with effect from October 2, 2026. His appointment as MD and CEO will be subject to approval from the bank's shareholders in accordance with the Companies Act, 2013.
Who is Anup Bagchi?
Anup Bagchi has more than three decades of experience across banking, capital markets, wealth management and insurance. He has been associated with the ICICI Group since 1992 and has held several senior positions across the group.
Bagchi previously served as Executive Director of ICICI Bank from 2017 to 2023, where he handled retail, business and rural banking. During his tenure, he was involved in strengthening the bank's retail franchise and managing its credit and cost performance.
He also served as CEO and MD of ICICI Securities and has been the MD and CEO of ICICI Prudential Life Insurance since June 2023. His other roles have included serving on the boards of ICICI group companies.
HDFC Bank Share Price
HDFC Bank's stock closed 1.76% higher at Rs.721.20 on the NSE on October 1, ahead of the announcement.
What to Watch Next
Investors may track shareholder approval for Bagchi's appointment, the formal transition of leadership on October 27 and the bank's upcoming financial and business updates under the new MD and CEO.
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