HDFC Bank appointed Anup Bagchi as its new MD and CEO for a three-year term, succeeding the current leadership at a defining moment amid merger integration

Fri 2 Oct 2026

Citi target price

Rs 970

Advance growth HDFC Bank

15.4 percent

Deposit growth HDFC Bank

14.7 percent

Price to book current

1.83 times

Price to book 5-yr average

2.9 times

Heard on business television between 14:05:14 - 14:08:14 IST.

• Anup Bagchi named MD and CEO of HDFC Bank for a three-year term.
• Bagchi was earlier MD and CEO of ICICI Prudential Life Insurance and former Executive Director at ICICI Bank with ~30 years experience across wholesale, retail, transaction banking.
• Under his leadership ICICI crossed 2 trillion rupees retail mortgage book; ICICI Prudential APE grew 15% to ~10,400 crore and FY25 PAT rose ~40% to 1189 crore.
• Analysts flagged challenges: integration of HDFC Limited debt, moderation in loan growth, higher cost deposits, lower CASA, and fintech competition.
• Citi gave a buy rating with target price of 970 rupees, calling the appointment strategically positive with rerating potential.

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