Meet Anup Bagchi: From ICICI Group veteran to HDFC Bank's new MD & CEO

Anup Bagchi, who has spent more than three decades across banking, capital markets, wealth management and insurance, will take charge as Managing Director and Chief Executive Officer of HDFC Bank later this month, succeeding Sashidhar Jagdishan.

The Reserve Bank of India has approved Bagchi's appointment as MD & CEO of the country's largest private-sector bank for three years from October 27, 2026.

Bagchi, who joined the ICICI Group in 1992, has held senior leadership roles across several businesses of the financial services conglomerate, including ICICI Bank, ICICI Securities and ICICI Prudential Life Insurance.

He is currently MD & CEO of ICICI Prudential Life Insurance.

Bagchi served as Executive Director at ICICI Bank from 2017 to 2023.

He initially oversaw retail, business and rural banking and later took charge of wholesale banking.

“During his tenure, he played a key role in strengthening the bank's retail franchise, driving profitable growth while maintaining credit and cost discipline,” HDFC Bank said in a regulatory filing.

ICICI Bank became the first private-sector bank in India to cross a retail mortgage portfolio of ₹2 lakh crore during his tenure.

He also played a role in steering the bank through the disruption caused by demonetisation, when the lender managed to keep business disruption relatively limited.

Bagchi was CEO and Managing Director of ICICI Securities and served as chairman of ICICI Prudential Asset Management Company until May 2023. He was also a director on the boards of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.

Since taking charge of ICICI Prudential Life, Bagchi has overseen a period of strong growth at the insurer.

Under his leadership, the company crossed ₹10,000 crore in annualised premium equivalent (APE) for the first time in FY2025. APE rose 15% year-on-year to ₹10,407 crore, while profit after tax increased nearly 40% to ₹1,189 crore.

The insurer has also recorded growth in protection products and new business generation during his tenure, according to HDFC Bank's profile of Bagchi.

His appointment comes as HDFC Bank prepares for a leadership transition following the completion of Jagdishan's tenure on October 26.

HDFC Bank's board has appointed Bagchi as an additional director with effect from October 2, subject to shareholder approval, and as MD & CEO from October 27 for a three-year term, also subject to shareholder approval.

Bagchi holds a management degree from the Indian Institute of Management, Bangalore, and an engineering degree from the Indian Institute of Technology, Kanpur.