Anup Bagchi, who will take charge as the chief of HDFC Bank on 27 October, said much of the unwinding of the post-merger balance sheet transformation is over but “some more work needs to be done”, which “collectively we will do”.

Bagchi said he will spend time listening to feedback and understanding the bank from within before he “presents a perspective on growth, margins, quality and productivity”. It will be “built on disciplined capital deployment and a strong execution culture” grounded in “governance, excellence and trust”.  

“In the near term, I will engage with regulators, customers, shareholders and other stakeholders to gather insights that will be a key input to our organisational priorities,” he said during the second-quarter post-earnings call on Saturday, which he attended as the bank’s additional director.

Following its merger with mortgage financier HDFC Ltd, the bank has had to rebalance its loan and deposit portfolios and restructure its massive balance sheet. A series of recent controversies has also impacted the country’s top private sector bank, including differences between outgoing managing director and CEO Sashidhar Jagdishan and former chairman Atanu Chakraborty, payments to the Maharashtra State Road Development Corporation (MSRDC) and the mis-selling of Credit Suisse’s AT-1 bonds to diaspora clients from its Dubai DIFC branch. All these issues triggered a value erosion in the bank’s shares on the stock exchanges. 

Bagchi, who will become HDFC Bank’s first ‘outsider’ CEO, said he was “very lucky” to be part of an institution that was “solid” and “very sound”.

“As macroeconomic dynamics evolve and AI technology and digital infrastructures accelerate, we'll focus on capturing these opportunities with prudence and discipline,” he said.

Jagdishan, who succeeded Aditya Puri in October 2020, said he was leaving with “pride and satisfaction” and was confident that Bagchi would lead the bank admirably.

The bank will also see the exits of some other senior executives. Kaizad Bharucha, who joined HDFC Bank in 1995 and became deputy MD in 2023, has tendered his resignation and his services will cease on 31 December 2026. He was in race for the top post but the RBI approved the appointment of Bagchi, an external candidate.

Srinivasan Vaidyanathan, the bank’s chief financial officer, has also resigned. Puneet Sharma from Axis Bank will take over as the new CFO from 1 December.