Mumbai— Shares of HDFC Bank rose about 1% on Monday after Anup Bagchi was appointed as the bank’s new Managing Director and Chief Executive Officer. The appointment marks the first time that HDFC Bank has chosen an external candidate to head the institution.
Bagchi will take charge as MD and CEO from October 27 for a three-year term, succeeding Sashidhar Jagdishan, whose current term ends on October 26. The appointment received approval from the Reserve Bank of India, following which the bank’s board approved Bagchi’s appointment.
Bagchi is currently the MD and CEO of ICICI Prudential Life Insurance and has been associated with the ICICI Group since 1992. He has also served as Executive Director of ICICI Bank and has held senior positions across banking, capital markets, wealth management and insurance.
HDFC Bank’s shares rose to around ₹728.30 during Monday’s trading, gaining about 1%. Investors also took note of the bank’s latest business figures, with deposits rising 18.8% year-on-year and gross advances increasing 16.3% as of the end of September.
The leadership transition comes at an important stage for India’s largest private-sector bank. Bagchi’s appointment is expected to bring a new leadership direction as the bank prepares for the next phase of its growth.
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