Anup Bagchi, a banking and financial services veteran with more than three decades of experience, will become HDFC Bank’s new Managing Director and CEO from October 27. Anup Bagchi received approval from the Reserve Bank of India for a three-year term and has been appointed an additional director on HDFC Bank’s board, subject to shareholder approval.
He will succeed Sashidhar Jagdishan, whose current term ends on October 26 and who has decided not to seek another term.
From IIT Kanpur to the ICICI Group
Bagchi began his career in financial services after completing a Chemical Engineering degree from IIT Kanpur in 1990 and a management degree from IIM Bangalore.
He joined the ICICI Group in 1992 and spent more than three decades working across several areas, including treasury, retail banking, corporate banking, transaction banking, capital markets, digital financial services and insurance.
His career later took him to ICICI Securities, where he served as Managing Director and CEO, before he moved into senior leadership at ICICI Bank.
Three decades across financial services
Bagchi served as an Executive Director at ICICI Bank between 2017 and 2023. He initially handled retail, business and rural banking before moving to wholesale banking.
During his tenure, he gained experience in credit policy, markets, data analytics and technology-driven financial services. He was also associated with the expansion of ICICI Bank’s retail franchise.
Beyond banking, Bagchi served as chairman of ICICI Prudential Asset Management Company and held directorships at ICICI Prudential Pension Funds Management Company and ICICI Home Finance.
In June 2023, he became Managing Director and CEO of ICICI Prudential Life Insurance. During FY2025, the insurer crossed Rs 10,000 crore in Annualised Premium Equivalent for the first time, with APE rising 15% year-on-year to Rs 10,407 crore. Profit after tax increased nearly 40% to Rs 1,189 crore.
Bagchi takes charge at HDFC Bank
Bagchi’s appointment brings an executive with extensive experience at the ICICI Group to the leadership of HDFC Bank, one of India’s largest private-sector lenders.
His background spans traditional banking as well as insurance, capital markets and digital financial services. He will formally assume the HDFC Bank CEO and MD role on October 27, beginning a new leadership phase after Jagdishan’s departure.
Relevant link: HDFC Bank
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