Adulations kept pouring in following the announcement on Thursday evening of the appointment of Anup Bagchi as the Managing Director & Chief Executive Officer (“MD & CEO”) of HDFC Bank. Those who know the veteran banker from his days at ICICI Bank, describe him as the strategist the bank needs today to mope up deposits, drive growth, raise casa (current account and savings account) deposits and fire up the net interest margins, which during the quarter ended June posted muted growth.
Anup Bagchi is also hailed for his all round exposure. Armed with over 30 years of experience, he has worked in treasury, wholesale banking, capital markets (leading ICICI Securities), insurance, corporate banking, looked at liabilities and retail. That he was with the ICICI Bank at a time when it was redefining its digital and technology journey, may come in handy for HDFC Bank, which seems keen to build its strengths here. Bagchi’s efforts at ICICI Bank to grow the micro markets space and ensure market share at the micro market level may also lend an added edge in his new role at HDFC Bank.
What perhaps matters to many is the fact that the announcement puts to rest the uncertainty around the leadership at HDFC Bank, which took a toll on it’s share price. Bagchi’s appointment is for a period of three years and is seen as a leader with age on his side and scope high for a long runway ahead.