The race to become the next managing director and chief executive officer of HDFC Bank, a private lender with a market capitalization of $115 billion, has narrowed with ICICI Prudential Life CEO Anoop Bagchi emerging as one of the leading candidates to succeed Sashidhar Jagdishan, according to multiple media reports.
The move comes as current managing director and CEO Sashidhar Jagdishan prepares to step down at the end of his second term in October. Jagdishan, 61, is serving his second three-year term as the lender’s head and took over as CEO in October 2020.
Although Bagchi has emerged as the favourite, the selection process is still ongoing and no final decision has been taken yet.
Who will be the next CEO of HDFC Bank?
The bank has submitted the names of two candidates along with their preferred positions and remuneration details to fill the vacancy, PTI reported.
The Reserve Bank of India (RBI) usually oversees the selection process and approves the appointment of the head of the bank after reviewing the candidates and assessing them on the criteria of “fit and proper.”
HDFC Bank said its board of directors has proposed two candidates recommended by the bank’s governance, nominating and remuneration committee.
Who is Anup Bagchi?
Bagchi, CEO, ICICI Prudential Life Insurance Co. Ltd., has worked for over 30 years with the ICICI group, holding positions in retail banking, small business, corporate banking, treasury and data analytics.
Anup Bagchi’s experience
Anoop Bagchi is a veteran of the ICICI Group and has previously served as the Managing Director and CEO of ICICI Securities. He has also served as an executive director on the board of directors of ICICI Bank.
Bagchi has worked in banking, capital markets and insurance. His experience makes him a key candidate in the search for HDFC Bank’s next Managing Director and CEO.
The appointment of HDFC Bank’s next MD and CEO will require regulatory approval, including the Reserve Bank of India (RBI).
Change of management of HDFC Bank
The latest shortlist brings HDFC Bank closer to identifying its next leader after months of uncertainty over the reappointment of Sashidhar Jagdishan and the search for his successor.
Another leader in HDFC Bank is reported to be Kaizad Bharucha.
HDFC Bank reshuffles board of directors ahead of new CEO
In parallel with the CEO succession process, the board of HDFC Bank has approved the reappointment of V. Srinivasa Rangan as a full-time director designated by the executive director.
Rangan’s reappointment will last from November 23, 2026 to November 22, 2027, along with his remuneration.
The bank has also approved the appointment of Jimmy Tata as a full-time director designated by the executive director for a period of three years from the date of approval by RBI or such other date or for such period as specified by the central bank.