HDFC Bank appoints Anup Bagchi as MD & CEO for three-year term from October 27

HDFC Bank’s board on October 1 approved the appointment of Anup Bagchi as an additional director and as the bank’s next managing director and chief executive officer, subject to shareholder approval.

Bagchi will be appointed as an additional director with effect from October 2, 2026, until the date of shareholder approval, in accordance with the Companies Act, 2013. The board also approved his appointment as MD & CEO for a three-year term beginning October 27, 2026.

The appointment was made following the recommendation of the bank’s Governance, Nomination and Remuneration Committee. Bagchi’s appointment as MD & CEO will be on “such terms and conditions including remuneration, as approved by the RBI”, the bank said in its stock exchange filing.

Bagchi will succeed Sashidhar Jagdishan, whose term as HDFC Bank’s MD & CEO ends on October 26, 2026. Jagdishan had informed the board on August 29 that he would not seek reappointment.

Who is Anup Bagchi?

Bagchi is a financial services professional with more than three decades of experience across banking, capital markets, wealth management and insurance. A member of the ICICI Group since 1992, he has held leadership roles spanning treasury, retail banking, wholesale banking, investment banking and digital financial services.

He has served as CEO and MD of ICICI Securities and as Executive Director of ICICI Bank. From 2017 to 2023, he was Executive Director at ICICI Bank, where he oversaw Retail, Business and Rural Banking before taking charge of Wholesale Banking.

During his tenure, Bagchi played a role in strengthening ICICI Bank’s retail franchise, driving growth while maintaining credit and cost discipline. Under his leadership, the bank became the first private-sector lender in India to cross a retail mortgage portfolio of ₹2 lakh crore. He also served as chairman of ICICI Prudential Asset Management Company until May 2023.

Since June 2023, Bagchi has been managing director and CEO of ICICI Prudential Life Insurance. During his tenure, the insurer crossed ₹10,000 crore in Annualised Premium Equivalent for the first time in FY2025. APE rose 15% year-on-year to ₹10,407 crore, while profit after tax increased nearly 40% to ₹1,189 crore.

Bagchi holds a management degree from IIM Bangalore and an engineering degree from IIT Kanpur.