- HDFC Bank ADRs rose over 4% before market opened on October 1
- Anup Bagchi appointed as HDFC Bank Managing Director and CEO
- RBI approved Bagchi's appointment and remuneration on October 1
HDFC Bank American Depository Receipts (ADRs) rose over 4% before the opening bell on Thursday, October 1 after the private lender announced the appointment of Anup Bagchi as its new Managing Director and CEO, following approval from the Reserve Bank of India (RBI).
HDFC Bank ADR climbed 4.12% to $2.26 by 6:32 pm IST.
The spike in HDFC Bank ADRs come after the lender's Board of Directors, at its meeting on October 1, approved Bagchi's appointment as an Additional Director with effect from October 2, 2026. The appointment will continue until shareholder approval, in accordance with the Companies Act, 2013.
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Through its communication dated October 1, 2026, RBI approved Bagchi's appointment as MD & CEO of HDFC Bank and the remuneration payable to him. His three-year term will start from Oct. 27, 2026.
Bagchi stood out for his extensive exposure to retail banking and technology, as well as his ability to stay closely involved in operations and drive execution, which they see as key strengths for the role, HDFC Bank sources told NDTV Profit.
At present, he serves as MD & CEO of ICICI Prudential Life Insurance and has been at the helm of the insurer for around three years, having taken charge in June 2023. The lender had earlier submitted two names to the RBI for consideration for the MD & CEO position.
Associated with the ICICI Group since 1992, Bagchi has held leadership positions across treasury, retail banking, wholesale banking, investment banking and digital financial services. He has previously served as CEO and MD of ICICI Securities and as Executive Director of ICICI Bank. From 2017 to 2023, Bagchi served as Executive Director of ICICI Bank, overseeing retail, business and rural banking before subsequently taking charge of wholesale banking.
Bagchi has served as MD & CEO of ICICI Prudential Life Insurance since June 2023.
The company crossed Rs 10,000 crore in Annualised Premium Equivalent (APE) for the first time in FY25. during his tenure. APE rose 15% year-on-year to Rs 10,407 crore and profit after tax jumped nearly 40% to Rs 1,189 crore.
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