HDFC Bank ADRs surge 4% as RBI approves Anup Bagchi as new MD & CEO

According to fresh market updates, HDFC Bank’s American Depository Receipts (ADRs) jumped more than four percent in trade after the Reserve Bank of India approved the appointment of Anup Bagchi as the lender’s new Managing Director and CEO.

The ADRs were quoting $23.26 apiece, up by 4.1 percent.

Bagchi will take charge from October 27, 2026, following the end of current MD and CEO Sashidhar Jagdishan's term on October 26. Jagdishan did not seek reappointment for another term.

Bagchi will serve as MD & CEO for a three-year term through October 26, 2029, subject to shareholder approval.

Bagchi is likely to address market participants alongside Jagdishan on October 17 when the bank announces its second quarter results. “The board is of the view that this is important to lift investor confidence in the bank,” a source had stated to Moneycontrol.

Bagchi has over 30 years of experience with the ICICI Group, spanning areas such as retail and MSME banking, corporate banking, treasury and markets, credit policy, and data analytics.

He previously served as Executive Director at ICICI Bank, overseeing wholesale banking, transaction banking and markets. He additionally held the position of MD & CEO at ICICI Securities and has been at the helm of ICICI Prudential Life since 2023.

Earlier, since the probability of Bagchi moving to HDFC Bank was noted as quite high, ICICI Bank is stated to have initiated a succession plan for its life insurance arm. At ICICI Group, the practice is to move senior executives from the bank to lead subsidiaries when needed.

“That stated, this time around, given that the whole-time directors at the bank’s board are somewhat fresh and a few are noted as likely successors to Sandeep Bakhshi, the bank may look beyond its own board to fill Bagchi’s position,” stated an executive who didn’t want to be named.