Business
Anup Bagchi takes charge as HDFC Bank CEO
Business Standard·
HDFC Bank said Anup Bagchi has taken charge as managing director and CEO. Sashidhar Jagdishan left office on Monday at the end of his term. Bagchi is the first outsider to head the bank in its over-three-decade history. He previously led ICICI Prudential Life Insurance. The share traded at Rs 688.7 on the BSE by mid-morning Tuesday.
Prism
What It Means For You
- Bagchi said part of the 2023 HDFC merger work is still unfinished and he will meet stakeholders.
- Deputy MD Kayezad Bharucha has said he intends to retire by December.
- Business Standard reported the stock up 0.07 percent at Rs 688.7 around 0956 hrs on Tuesday.
What's Happening
- The bank filed an exchange note thanking Jagdishan for stewardship through the merger period.
- Jagdishan had declined an extension after governance questions and a fine over deposit practices.
- Non-executive chairman Atanu Chakraborty resigned in March, citing values and ethics concerns.
Outsider At A Merger Bank
- Bagchi spent his earlier career inside the ICICI Group before the life-insurance CEO role.
- HDFC Bank remains India’s largest private sector lender by the report’s description.
- BusinessLine noted NSE trade near Rs 688.70 by 10.10 am, up 0.09 percent from Monday’s close.
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