Anup Bakshi's move from ICICI Bank to HDFC Bank as new leader discussed, along with its impact on bank pecking order and valuations

Mon 5 Oct 2026

ICICI Bank valuation multiple

2.5

HDFC Bank valuation multiple

1.6

Kotak Mahindra Bank valuation multiple

2.2

Anup Bakshi age

55 years

Heard on business television between 08:40:13 - 08:43:13 IST.

• Diganth Aria of Green Edge Wealth Services said government did not like infighting within the bank and took control by appointing a board member, but wants private sector bankers to lead.
• He said old-timer exits from HDFC Bank should be seen as noise, not something that derails the book, as growth prospects remain intact.
• He said Anup Bakshi's move from ICICI Bank to HDFC Bank creates doubt about ICICI's management continuity, since Bakshi was expected to lead ICICI for another five years given his age of 55.
• He re-ranked banks: HDFC Bank now number one, Kotak Mahindra Bank number two, ICICI Bank number three, reversed from a week earlier when ICICI was one, Kotak two, HDFC three.
• He gave valuation multiples: ICICI around 2.5x, HDFC Bank around 1.6x, Kotak around 2.2x, and said HDFC and Kotak should see excitement for a few quarters.
• On Anup Bakshi's experience, he noted strong retail and SME banking background with smaller exposure to corporate banking, but said this should not be a big issue given governance stability focus.

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