1 hr ago
RBI Reviews Anup Bagchi As HDFC Bank CEO Candidate
HDFC Bank is looking for a new chief executive.
The Reserve Bank of India is checking whether Anup Bagchi could take the job.
Bagchi currently leads ICICI Prudential Life Insurance.
He previously worked as an executive director at ICICI Bank.
The RBI has asked other financial authorities and an ICICI Bank leader for their views.
HDFC Bank reportedly sent two possible names to the RBI.
The search became more urgent because current CEO Sashidhar Jagdishan will leave when his term ends on October 26.
Investors are watching the process because they believe a clear leadership plan could help the bank improve its performance.
HDFC Bank shares rose as much as 0.9% to Rs 746.50 in early Tuesday trading.
The gains followed reports that the Reserve Bank of India is reviewing Anup Bagchi’s candidature for CEO.
The RBI has reportedly sought feedback from the Insurance Regulatory and Development Authority of India and ICICI Bank CEO Sandeep Bakhshi.
Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, previously served as an executive director at ICICI Bank.
HDFC Bank submitted two preferred candidates to the RBI after Sashidhar Jagdishan said he would not seek another term, which ends on October 26.
- Who
- The Reserve Bank of India, Anup Bagchi, HDFC Bank, Sashidhar Jagdishan, and other reported candidates including Kaizad Bharucha.
- What
- The RBI is reviewing Anup Bagchi’s candidature to become HDFC Bank’s managing director and chief executive officer.
- Where
- The process involves HDFC Bank, the RBI, ICICI Prudential Life Insurance, ICICI Bank, and the Insurance Regulatory and Development Authority of India.
- When
- The review was reported on Tuesday; Jagdishan’s current tenure ends on October 26, and HDFC Bank submitted two names on September 12.
- Why
- HDFC Bank needs a successor after Jagdishan said he would not seek another term.
Key facts
- Candidate under review
- Anup Bagchi, MD and CEO of ICICI Prudential Life Insurance
- HDFC Bank share move
- The stock rose 0.9% to Rs 746.50 in early Tuesday trading
- Previous session
- HDFC Bank shares had gained 1.16%
- Names submitted
- HDFC Bank submitted two candidates to the RBI on September 12
- Current CEO
- Sashidhar Jagdishan, whose tenure ends on October 26
- Other reported candidate
- Kaizad Bharucha, HDFC Bank’s deputy managing director
- Potential term
- The reported appointment would be for a three-year term
Sources
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