Shares of HDFC Bank gained nearly 2% on Monday after the private sector lender announced Anup Bagchi as its next managing director and chief executive officer. The bank also reported strong growth in advances and deposits for the quarter ended September 30.
Bagchi, who currently heads ICICI Prudential Life Insurance, will assume charge at HDFC Bank on October 27 for a three-year term. He will succeed Sashidhar Jagdishan, whose tenure ends on October 26.
HDFC Bank Share Price Gains
HDFC Bank shares opened 1.67% higher at Rs 733.25 on the BSE on Monday and gained as much as 1.8% during the trading session. The positive market reaction followed the announcement of Bagchi’s appointment along with the bank’s latest business update. His appointment is also significant as HDFC Bank has chosen an external candidate for the top position for the first time.
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The Reserve Bank of India approved Bagchi’s appointment on October 1.
Who Is Anup Bagchi?
Bagchi has more than three decades of experience spanning banking, capital markets and insurance. Before joining ICICI Prudential Life Insurance as MD and CEO, he held senior positions at ICICI Bank and other group companies.
He will take over from Jagdishan, who has decided against seeking another term as HDFC Bank’s MD and CEO.
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