HDFC Bank on Thursday appointed ICICI Bank veteran Anup Bagchi as its Managing Director and CEO, with the Reserve Bank of India approving his appointment for a three-year term from October 27.
Bagchi will succeed Sashidhar Jagdishan, whose tenure ends on October 26.
The appointment followed an RBI assessment of Bagchi's candidature, including feedback sought from the insurance regulator and ICICI Bank CEO Sandeep Bakhshi on his suitability for the role, the Economic Times reported last month.
Also Read: RBI weighs Anup Bagchi for HDFC top job
The RBI was also examining whether Bagchi's three years outside mainstream banking, as head of ICICI Prudential Life Insurance, would affect his transition to a large bank.
The RBI approved Bagchi's appointment and remuneration on October 1, HDFC Bank said in a regulatory filing.
HDFC approved his appointment as MD and CEO for three years from October 27, 2026, to October 26, 2029.
Bagchi’s ICICI Bank track record
Bagchi, 55, has spent more than three decades in financial services, largely with the ICICI Group, which he joined in 1992.
His experience spanned treasury, retail and wholesale banking, investment banking, capital markets, wealth management, insurance and digital financial services.
He served as executive director at ICICI Bank from 2017 to 2023, overseeing retail, business and rural banking before moving to wholesale banking.
During this period, ICICI Bank became the first private-sector bank in India to cross a ₹2 lakh crore retail mortgage portfolio, according to his profile submitted by HDFC Bank.
Three years at ICICI Prudential Life
Bagchi also served as CEO and MD of ICICI Securities before moving to ICICI Prudential Life Insurance as MD and CEO in June 2023.
Also Read: HDFC Bank names ICICI veteran banker V.N. Srivatsan as Chief Compliance Officer
At ICICI Prudential Life, he oversaw a period of expansion in the insurer’s protection and new-business segments, while the company strengthened its distribution across channels.
He also served as chairman of ICICI Prudential Asset Management Company until May 2023 and as a director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.
He holds a management degree from IIM Bangalore and an engineering degree from IIT Kanpur.
