Who Is Anup Bagchi, HDFC Bank’s New CEO and Managing Director?
Anup Bagchi, a veteran of the ICICI Group with over three decades of experience, will take charge as HDFC Bank’s MD and CEO from October 27.
Anup Bagchi will become HDFC Bank’s new Managing Director and CEO from October 27, succeeding Sashidhar Jagdishan, whose current term ends on October 26. Jagdishan has decided not to seek another term.
The Reserve Bank of India approved Bagchi’s appointment on October 1 for a three-year term. HDFC Bank’s board has also appointed him as an additional director, subject to shareholder approval.
Bagchi brings more than three decades of experience across banking, capital markets and insurance, having spent most of his career with the ICICI Group. He has held senior roles spanning retail banking, wholesale banking, treasury, investment banking, digital financial services and capital markets.
An engineer by training, Bagchi earned a Chemical Engineering degree from IIT Kanpur in 1990 before completing his management degree at IIM Bangalore. He joined the ICICI Group in 1992 and later served as Managing Director and CEO of ICICI Securities.
He was an Executive Director at ICICI Bank from 2017 to 2023, overseeing retail, business and rural banking before moving to wholesale banking. He later became MD and CEO of ICICI Prudential Life Insurance in 2023.
During his tenure there, the insurer crossed Rs 10,000 crore in Annualised Premium Equivalent in FY2025, while profit after tax rose nearly 40% to Rs 1,189 crore.
Bagchi now moves from HDFC Bank’s biggest private-sector banking rival to lead HDFC Bank. From ICICI to HDFC, the banking world just got a rather interesting leadership switch.
