Who will lead HDFC Bank next? Here are top contenders
What's the story
HDFC Bank has nominated two candidates for its top job: Deputy Managing Director Kaizad Bharucha and an external candidate. The latter was selected from a final shortlist that included ICICI Prudential Life CEO Anup Bagchi and Citi India CEO K Balasubramanian. The identity of the external candidate remains unconfirmed.
Regulatory request
HDFC Bank seeks exemption from RBI's tenure rules
HDFC Bank has also sought a six-month exemption from the RBI's tenure rules. This would enable Bharucha, if selected, to serve a full three-year term as MD and CEO.
Without this exemption, he would hit the regulator-mandated ceiling on directorial tenure before his term ends.
The bank's search process began with over 150 applications but was narrowed down to less than 10 bankers who were interviewed in the final stages.
Candidate profile
Who are the contenders for HDFC Bank's top job?
Bharucha, who has been with HDFC Bank since 1995, is the strongest internal candidate for the top job. He currently oversees a large part of the bank's asset franchise.
However, his candidacy is challenged by RBI rules that cap continuous tenure at 15 years.
Bagchi and Balasubramanian were the top contenders in an external search process conducted by HDFC Bank's board.
Candidate backgrounds
Bagchi and Balasubramanian's profiles
Bagchi, 55, has extensive experience in retail and wholesale financial services with ICICI Group. He has handled various roles such as retail banking, MSME, rural banking, and corporate banking, among others.
Balasubramanian, on the other hand, comes from a corporate and institutional banking-heavy profile. He is currently Citi India's CEO and head of Banking for the Indian subcontinent.