Synopsis

Anup Bagchi has been appointed as the new MD and CEO of HDFC Bank effective October 26. He succeeds Sashidhar Jagdishan, who chose not to seek reappointment after his six-year term. Kotak Mahindra Bank has also named Anup Saha as its new MD and CEO starting January 1. Saha takes over from Ashok Vaswani, who is also stepping down from his role.

Anup Kumar Saha, Kotak Mahindra Bank CEO & MD and Anup Bagchi, HDFC Bank CEO & MD

Mumbai: Two of India's largest private-sector lenders, HDFC Bank and Kotak Mahindra Bank, Thursday named new managing directors and chief executives, ending weeks of speculation over leadership succession at two entities that routinely feature on the shopping lists of several foreign institutional investors (FII).

HDFC Bank appointed Anup Bagchi, former managing director and CEO of ICICI Prudential Life Insurance, as its next MD and CEO. Earlier in the day, Kotak Mahindra Bank named Anup Saha, currently an executive director and whole-time director at the bank, for the top post.

Also Read: HDFC Bank names ICICI veteran Anup Bagchi as MD & CEO

Both have been appointed for three years each following approvals by the Reserve Bank of India (RBI). Bagchi, 56, will take charge after Sashidhar Jagdishan's six-year term ends on October 26. Jagdishan had decided not to seek reappointment at India's most-valued lender.

Saha, 55, will assume office on January 1, succeeding Ashok Vaswani, who also chose not to seek a second term at the Uday Kotak-founded bank.

The ADR (American Depository Receipts) of HDFC Bank rose 5.5% during early trades following the announcement of a new chief.

The two incoming CEOs have more in common than their first name. Both are IIT alumni and former ICICI Bank executives, with extensive experience across banking and financial services.

Bagchi spent 34 years with ICICI after joining the organisation in 1992, when it was a development finance institution. He rose through the ranks, working across retail, corporate and investment banking, treasury and other financial services businesses.

Saha worked at ICICI Bank for 14 years, between May 2003 and June 2017, before moving to Bajaj Finance. He has held senior roles across retail secured assets, business intelligence, retail and rural collections, credit cards and retail structured finance.

The decisions by Jagdishan and Vaswani not to seek fresh terms had opened up the top positions at the two banks and fuelled speculation over their successors.

Also Read: Kotak Mahindra Bank appoints Anup Kumar Saha as new MD and CEO

HDFC Bank had recommended deputy managing director Kaizad Bharucha as its first preference, ahead of Bagchi, who was the external candidate. However, Bharucha has been a whole-time director since June 2014 and would reach the central bank's 15-year ceiling on continuous tenure as a whole-time director, managing director or CEO in June 2029.

Kotak Mahindra Bank had recommended Paritosh Kashyap, its whole-time director and head of wholesale banking, for the top position.

HDFC Bank has a market capitalisation of Rs 11.09 lakh crore and total deposits of Rs 31.70 lakh crore at the end of June 2026.

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