Meet Anup Bagchi, the ICICI veteran picked as HDFC Bank CEO

HDFC Bank on Thursday said Anup Bagchi has been appointed as its new Managing Director and Chief Executive Officer for a three-year term, effective October 27. He will succeed Sashidhar Jagdishan at the helm of India's largest private sector lender.

Bagchi will take over after Jagdishan's current term ends on October 26, 2026. Jagdishan has led HDFC Bank since October 2020, when he succeeded long-serving chief Aditya Puri. His second three-year term began in October 2023.

The appointment brings to an end a closely watched succession process at HDFC Bank.

Read More: HDFC Bank shares: Valuation gap with ICICI Bank widens; 3 triggers for rerating, target

In September this year, the bank's board had approved two candidates for the MD and CEO position and submitted their names, in order of preference, to the Reserve Bank of India for approval. The bank had not officially disclosed the names at the time.

Bagchi comes to HDFC Bank from ICICI Prudential Life Insurance, where he has served as MD and CEO since June 2023. He is a financial services veteran with more than three decades of experience across banking, capital markets, and insurance.

Before taking charge of ICICI Prudential Life, Bagchi spent years in senior positions within the ICICI Group. He served as an Executive Director on the board of ICICI Bank and previously headed ICICI Securities as its MD and CEO.

His experience at ICICI Bank covered a wide range of businesses, including retail and wholesale banking, digital channels, rural and inclusive banking, markets, data analytics, and technology-led financial services.

Bagchi is an alumnus of IIT Kanpur, where he studied chemical engineering, and IIM Bangalore.

The leadership change comes after Jagdishan informed HDFC Bank's board that he would not seek reappointment after the completion of his second term. During his tenure, Jagdishan oversaw one of the biggest transformations in the bank’s history: the merger of mortgage lender HDFC Ltd with HDFC Bank in 2023.