HDFC Bank named Anup Bagchi as its next managing director and chief executive officer on Thursday (October 1), weeks after the private lender submitted two candidates’ names to the RBI for approval.
Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, will succeed Sashidhar Jagdishan, whose term ends on October 26.
The leadership announcement follows HDFC Bank’s August 29 disclosure that Jagdishan had decided not to seek reappointment. The bank said the 61-year-old had maintained his decision “despite persuasion” and that the search for his successor had been fast-tracked.
Bagchi joined the ICICI Group in 1992 and has more than three decades of experience in financial services, according to his profile on ICICI Prudential Life’s website.
His experience in the sector spans retail banking, treasury, investment banking, small-scale industry, payment and settlement systems, retail broking, financial product distribution and wealth management.
Before taking charge of ICICI Prudential Life, Bagchi served as an executive director of ICICI Bank from February 2017. His responsibilities included wholesale banking, transaction banking, the markets group and the proprietary trading group.
He also served as a non-executive director of ICICI Prudential Life from October 2018, before moving into the insurer’s top executive role.
HDFC Bank’s ADR surges
At 9:10 am EST, HDFC Bank’s ADR, HDB, rose 4.12% to $23.26 in pre-market trading after closing 1.33% lower at $22.34. The rise came after the bank formally declared Anup Bagchi’s appointment.