HDFC Bank appointed Anup Bagchi as new MD and CEO for a three-year term; Kotak Mahindra Bank separately named Anup Shah as its new MD and CEO effective January 2027, succeeding Ashok Vaswani

Fri 2 Oct 2026

HDFC Bank advances growth

15.4 percent

ICICI Bank advances growth

19.6 percent

Axis Bank advances growth

19 percent

Kotak Mahindra Bank advances growth

15 percent

HDFC Bank deposit growth

14.7 percent

Heard on business television between 16:18:24 - 16:21:24 IST.

• Anup Bagchi, former ICICI Prudential Life Insurance MD/CEO with 30 years experience, named HDFC Bank's new MD and CEO; he previously headed ICICI Bank's wholesale/transaction banking and led ICICI Securities and ICICI Prudential AMC board roles.
• Under Bagchi, ICICI's retail mortgage book crossed Rs 2 trillion and ICICI navigated demonetization with limited disruption; ICICI Prudential Life's APE grew 15% to Rs 10,400 crore and FY25 PAT rose nearly 40% to Rs 1,189 crore.
• Compared metrics: HDFC Bank advances growth 15.4%, ICICI 19.6%, Axis Bank 19%, Kotak Mahindra Bank 15%; HDFC deposit growth at 14.7%.
• Kotak Mahindra Bank appointed Anup Shah, currently executive director overseeing retail banking and data analytics, as MD and CEO for three years from January 2027, succeeding Ashok Vaswani.
• Key challenges flagged for Bagchi: HDFC-HDFC Bank merger debt normalization, slower loan growth, higher cost deposits, lower CASA, and fintech competition.
• Citi gave a buy rating with target price Rs 970 calling the appointment strategically positive with re-rating potential; Jefferies maintained buy with target Rs 880, saying the appointment provides management succession clarity and supports re-rating.

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