Shares of HDFC Bank rose nearly 2% in early trade on Tuesday, Sept. 22, after it was reported that Anup Bagchi, a seasoned ICICI Group veteran, has emerged as the leading contender to take the helm at the leading private lender as its next Managing Director and Chief Executive Officer. The Reserve Bank of India (RBI) is seeking feedback for Bagchi as an external candidate.
On Tuesday, shares of HDFC Bank opened at Rs 738.85 against a previous close of Rs 739.50 and rose to hit an intraday high of Rs 748.80 apiece on the NSE. The stock last traded 1.04% higher at Rs 747.15 apiece on the NSE. This compares to a rise of 0.19% in the Nifty 50 benchmark. The stock is up 5% in one week, 3% in one month, but has shed 25% on a year-to-date basis.
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ICICI Bank veteran joins race for HDFC Bank's top job
Sources told NDTV Profit that the Reserve Bank of India (RBI) is seeking feedback for Bagchi as an external candidate to lead the country's largest private lender. While the central bank appears increasingly inclined toward choosing an external candidate to lead HDFC Bank, no final decision has been reached yet. Notably, the banking regulator is examining Bagchi's three-year gap from mainstream banking while seeking feedback on his candidature for the top job, according to sources.
Bagchi currently serves as the MD and CEO of ICICI Prudential Life Insurance since 2023. Prior to that, he had a distinguished career within ICICI Bank, serving on its board as an Executive Director from 2017 until taking over the insurer. HDFC Bank's board forwarded two names to the banking regulator for consideration: Bagchi as the external candidate, and Deputy Managing Director Kaizad Bharucha as the internal contender Bharucha still remains as one of the top contenders for the position.
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