HDFC Bank Shares Climb as CEO Succession Gains Momentum

k hadfc bank shares extended gains for a second consecutive session on September 22, rising nearly 1 percent to Rs 746.50 in early trade. The uptick followed reports that the Reserve Bank of India has begun seeking feedback on Anup Bagchi’s candidature for the managing director and CEO role, signalling progress in the lender’s closely watched leadership transition. Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, has emerged as the frontrunner. The RBI is assessing his potential return to mainstream banking after more than three years at the insurer and has sought inputs from the Insurance Regulatory and Development Authority of India and ICICI Bank CEO Sandeep Bakhshi. Before joining the life insurer in 2023, Bagchi served as an executive director at ICICI Bank, overseeing wholesale banking, transaction banking, markets and proprietary trading. The other candidate submitted by HDFC Bank is Deputy Managing Director Kaizad Bharucha. The internal contender faces a potential regulatory hurdle, as he would hit the RBI’s 15-year continuous tenure limit for whole-time directors in June 2029, short of a full three-year CEO term.