New Delhi, 27 October (H.S.): Anup Bagchi has assumed charge as the Managing Director and Chief Executive Officer (CEO) of HDFC Bank, India’s largest private-sector lender.
HDFC Bank informed the stock exchanges on Tuesday that Bagchi’s predecessor, Sashidhar Jagdishan, stepped down on Monday after completing his tenure. The bank confirmed that Bagchi had taken over as its new Managing Director and CEO.
A veteran of the ICICI Group, Bagchi is the first external candidate to assume the top position in HDFC Bank’s more than three-decade history. Before joining the lender, he served as Managing Director and CEO of ICICI Prudential Life Insurance.
Bagchi takes charge at a time when HDFC Bank is navigating several challenges, including pressures on core income growth and net interest margins, which have made investors cautious about its performance.
Speaking briefly during the bank’s earnings call, Bagchi said some work related to the 2023 merger with housing finance major HDFC Ltd. remained to be completed. He added that he would meet various stakeholders to gain a deeper understanding of the bank and its operations.
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Hindusthan Samachar / Jun Sarkar
