HDFC Bank announced on October 1 that Anup Bagchi would become its managing director and chief executive officer on October 27, following Reserve Bank of India approval. Moneycontrol and Loksatta reported the bank’s stock-exchange disclosure and said current chief Sashidhar Jagdishan’s term ends on October 26.
Bagchi is serving as managing director and CEO of ICICI Prudential Life Insurance. His earlier senior roles include ICICI Securities and ICICI Bank. The reports describe the new appointment as a three-year term, with the required shareholder approval still part of the corporate process.
The board also approved his appointment as an additional director from October 2, according to the reported filing. The announcement therefore concerns a scheduled leadership transition: Bagchi had not already taken over HDFC Bank’s executive role on October 1. The change does not itself announce any alteration to customer accounts, deposit terms or lending rates.