HDFC Bank American Depository Receipts ADRs rose more than 4 percent in trading after the Reserve Bank of India approved the appointment of Anup Bagchi as the lender’s new Managing Director and CEO. The ADRs were quoted at $23.26 apiece, up 4.1 percent.

Bagchi will take charge on October 27, 2026, following the completion of Sashidhar Jagdishan’s term on October 26. Jagdishan has decided not to seek reappointment for another term.

Bagchi is proposed to serve as HDFC Bank’s MD and CEO for three years through October 26, 2029, subject to shareholder approval. His appointment marks a leadership transition at one of India’s largest private sector banks.

Bagchi is expected to address investors alongside Jagdishan when HDFC Bank announces its second quarter results on October 17. The interaction is expected to provide investors with an opportunity to understand the leadership transition and the bank’s strategic priorities under the incoming CEO.

Bagchi brings more than three decades of experience with the ICICI Group, covering retail and MSME banking, corporate banking, treasury and markets, credit policy and data analytics. He previously served as Executive Director at ICICI Bank, where he was responsible for wholesale banking, transaction banking and markets. He has also served as Managing Director and CEO of ICICI Securities and has led ICICI Prudential Life since 2023.

His move to HDFC Bank is also expected to trigger a leadership transition within the ICICI Group. With Bagchi's departure from ICICI Prudential Life, the group is understood to have initiated a succession process for the insurance business.

The succession process could also extend to ICICI Bank. According to an executive cited in the report, the bank may consider candidates beyond its existing board to fill the position previously held by Bagchi. The development comes as ICICI Bank continues to consider its broader leadership succession planning.