New Delhi, [India] August 29 (ANI): HDFC Bank's Managing Director and Chief Executive Officer Sashidhar Jagdishan has decided not to seek reappointment as the lender's MD & CEO and will retire from the bank on October 26, 2026, the bank said in an exchange filing on Saturday.

Jagdishan conveyed his decision to the bank on August 29, following which the Board of Directors took note of his communication at its meeting held on the same day. The board said it attempted to persuade him to reconsider his decision, but Jagdishan reiterated that he would not seek reappointment. He will consequently retire from the services of HDFC Bank at the close of business hours on October 26, 2026.

The board acknowledged Jagdishan's contribution to the bank, particularly his leadership and role in its growth and stability. It also highlighted his contribution to the successful completion of one of the largest mergers in corporate India.

'The Board deeply appreciated his commitment, leadership, contribution to the growth, stability of the Bank and his role in successful completion of one of the largest mergers in corporate India,' HDFC Bank said in the filing.

The bank said it has decided to fast-track the process of selecting and appointing Jagdishan's successor, with the aim of completing the process well before his retirement.

Jagdishan has been at the helm of HDFC Bank during a period that included the completion and integration of its merger with Housing Development Finance Corporation (HDFC), a landmark transaction that significantly expanded the bank's scale and business operations.

The leadership transition comes as HDFC Bank prepares to appoint a new head for India's largest private sector lender. The board's decision to accelerate the succession process is aimed at ensuring a smooth transition before Jagdishan's retirement date.

HDFC Bank, in its filing dated August 29, said the decision was being disclosed under Regulation 30 and other applicable provisions of the SEBI Listing Regulations. (ANI)