Anup Bagchi assumes charge as managing director and CEO of HDFC Bank

Sashidhar Jagdishan has vacated the office as the MD & CEO of HDFC Bank having completed his tenure and Anup Bagchi has assumed charge as MD & CEO of the Bank.

“The Bank acknowledges his (Jagdishan’s) pivotal role in steering the successful completion of one of the largest mergers in corporate India,” the bank has said.

Bagchi comes to HDFC Bank with over three decades of experience across banking, capital markets, wealth management and insurance. A member of the ICICI Group since 1992, he has built a diverse career spanning treasury, retail banking, wholesale banking, investment banking, and digital financial services.

Over the course of his career, he held leadership positions including CEO & MD of ICICI Securities, executive director of ICICI Bank, and MD & CEO of ICICI Prudential Life Insurance.

Bagchi served as executive director of ICICI Bank from 2017 to 2023, overseeing retail, business and rural banking, and subsequently wholesale banking. He has also served as chairman of ICICI Prudential Asset Management Company until May 2023 and was director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.

Since June 2023, Bagchi served as MD & CEO of ICICI Prudential Life Insurance, leading one of India’s largest private life insurers. Under his leadership, Annualised Premium Equivalent (APE) grew 15 per cent year-on-year to ₹10,407 crore and profit after tax increased nearly 40 per cent to ₹1,189 crore.

Bagchi holds a management degree from Indian Institute of Management, Bangalore and an engineering degree from Indian Institute of Technology, Kanpur.