MUMBAI: Sashidhar Jagdishan, chief executive and managing director of HDFC Bank, who was handpicked by the bank’s founding CEO Aditya Puri to succeed him in 2020, has decided not to seek reappointment when his current term ends in October, bringing to an end his nearly three-decade career with the country’s largest private sector bank.
“Despite persuasion, Jagdishan reiterated his decision to not seek reappointment when his term ends on October 26, 2026. The board deeply appreciates his commitment, leadership, contribution to the growth and stability of the bank and his role in the successful completion of one of the largest mergers in corporate India,” the bank informed the stock exchanges on Saturday.
The board has now fast-tracked the process of finding his successor, it added.
Jagdishan’s biggest achievement at the bank was arguably the merger of parent Housing Development Finance Corporation (HDFC) with HDFC Bank in July 2023. Valued at around $44 billion, the transaction was one of the largest M&A deals in corporate India. However, the merger also brought a host of challenges, particularly on the asset-liability and margin fronts.
The bank also faced several other issues during Jagdishan’s tenure, the most significant of which was in March 2026 when non-executive chairman Atanu Chakraborty resigned citing concerns over the bank’s functioning.
The bank also faced allegations of mis-selling low-investment-grade bonds to NRIs through its Dubai branch, with customers allegedly promised higher returns that were not received. In a separate case involving the alleged mis-selling of Additional Tier-1 (AT1) bonds issued by failed Swiss lender Credit Suisse, American investors reportedly threatened to initiate a class-action lawsuit against the bank.