In HDFC Bank CEO race, ICICI Life Insurance veteran is frontrunner: Who is Anup Bagchi?

The race for the next Managing Director and Chief Executive Officer of HDFC Bank, a private lender with a market capitalisation of $115 billion, has narrowed, with ICICI Prudential Life CEO Anup Bagchi emerging as one of the top candidates to succeed Sashidhar Jagdishan, as per multiple media reports.

The move comes as current MD and CEO Sashidhar Jagdishan prepares to step down at the end of his second term in October. Jagdishan, 61, is serving his second three-year term as the lender’s head and took charge as CEO in October 2020.

While Bagchi has emerged as a frontrunner, the selection process is still underway, and no final decision has been taken yet.

Who will be the next CEO of HDFC Bank?

The bank has reportedly submitted the names of two candidates, along with their preferred order and remuneration details, to fill the vacancy, PTI reported.

The Reserve Bank of India (RBI) generally oversees the selection process and approves the appointment of a bank’s head after reviewing the candidates and assessing them against its ‘fit and proper’ criteria.

HDFC Bank said its board has forwarded two names recommended by the bank’s governance, nomination and remuneration committee.

Who is Anup Bagchi?

Bagchi, the CEO of ICICI Prudential Life Insurance Co. Ltd., has spent more than 30 years with the ICICI Group, holding roles across retail banking, small businesses, corporate banking, treasury and data analytics.

Anup Bagchi’s experience

Anup Bagchi is a veteran of the ICICI Group and previously served as MD and CEO of ICICI Securities. He has also served as an Executive Director on the board of ICICI Bank.

Bagchi has worked across banking, capital markets and insurance. His experience makes him a key candidate in HDFC Bank’s search for its next MD and CEO.

The appointment of HDFC Bank’s next MD and CEO will require regulatory approval, including from the Reserve Bank of India (RBI).

HDFC Bank leadership transition

The latest shortlist brings HDFC Bank closer to deciding its next leader after months of uncertainty over Sashidhar Jagdishan’s reappointment and the search for his successor.

Another name emerging as a frontrunner at HDFC Bank is reportedly Kaizad Bharucha.

HDFC Bank reshuffles board ahead of CEO transition

Alongside the CEO succession process, HDFC Bank's board approved the reappointment of V Srinivasa Rangan as a Whole-time Director, designated as Executive Director.

Rangan's reappointment will run from November 23, 2026, to November 22, 2027, along with the remuneration payable to him.

The bank also approved the appointment of Jimmy Tata as a Whole-time Director, designated as Executive Director, for three years from the date of RBI approval, or from such other date or for such period as specified by the central bank.