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His three-year term runs to Oct. 26, 2029, and remains subject to shareholder approval.
Anup Bagchi took charge Tuesday as managing director and chief executive of HDFC Bank Ltd. (NSE: HDFCBANK, NYSE: HDB) for a three-year term, succeeding Sashidhar Jagdishan. His appointment is subject to shareholder approval.
Jagdishan left office at the close of business Monday on completing his tenure, the bank said in an exchange filing. He took charge as chief executive on Oct. 27, 2020. During his tenure, the bank completed its merger with Housing Development Finance Corp. Ltd. in 2023.
Central bank and board back Bagchi’s term
The Reserve Bank of India approved the appointment in a letter dated Oct. 1 under Section 35B of the Banking Regulation Act, 1949, according to the bank’s postal ballot notice. The board named Bagchi an additional director effective Oct. 2. His term ends Oct. 26, 2029.
Postal ballot seeks shareholder approval
Electronic voting opened Oct. 8 and closes at 5 p.m. IST on Nov. 6. The resolution covers Bagchi’s appointment as a director and as managing director and chief executive.
The ballot sets Bagchi’s annualized fixed pay, including perquisites, at 89,743,659 rupees. It caps his target variable pay for fiscal 2026-27 at 269,230,978 rupees, equivalent to 300% of fixed pay. The resolution also approves a one-time joining bonus of 44,796 restricted stock units, valued at 31,850,000 rupees, and 164,207 stock options, valued at 41,613,423 rupees, based on indicative valuations.
Bagchi held senior roles across ICICI units
Bagchi has been with ICICI Group since 1992, the notice says. He was executive director of ICICI Bank Ltd. (NSE: ICICIBANK, NYSE: IBN) from 2017 to 2023, overseeing retail, business and rural banking before moving to wholesale banking. He also served as managing director and chief executive of ICICI Securities Ltd.
As of the notice, Bagchi was managing director and chief executive of ICICI Life Insurance Ltd. (NSE: ICICIPRULI), formerly ICICI Prudential Life Insurance Co. Ltd., a role he assumed in June 2023. He holds an engineering degree from the Indian Institute of Technology, Kanpur, and a management degree from the Indian Institute of Management, Bangalore.
Board committee narrows field
After Jagdishan told the board Aug. 29 that he would not seek reappointment, the governance, nomination and remuneration committee reviewed internal and external candidates. It and the board shortlisted candidates Sept. 12, and the bank then applied to the central bank for approval, according to the notice.
Two senior roles face December changes
Kaizad Bharucha, a deputy managing director with the bank for more than three decades, asked to leave at the close of business Dec. 31, according to an Oct. 17 filing. The board accepted the request and will forward it to the central bank for approval. The filing gave no reason.
Puneet Sharma, formerly chief financial officer of Axis Bank Ltd. (NSE: AXISBANK), will take over the role at HDFC Bank on Dec. 1, according to a June filing.
Internal review examines alleged disclosures
Bloomberg reported Oct. 21, citing people familiar with the matter, that an internal probe found evidence that two senior executives shared confidential business strategies and possibly market-sensitive information with outsiders.
A bank spokesperson said an internal review is underway to gather and evaluate facts and that appropriate action will be taken once it ends. The spokesperson did not comment on the findings or name the executives.
Scrutinizer oversees voting
According to the ballot notice, HDFC Bank appointed Ashish Garg of GDR & Partners LLP to scrutinize the voting. Results are due within two working days after voting ends on Nov. 6. Under the notice, an approved resolution will be treated as passed on the final day of voting.
