HDFC Bank on Tuesday named veteran Sashidhar Jagdishan as the new MD and CEO to succeed Aditya Puri.

Mr. Jagdishan, whose appointment was approved by the RBI, would take charge on October 27 and hold office for a period of three years, India’s largest private sector bank said in a filing.

Having joined as a manager in the finance function in 1996, Mr. Jagdishan rose to become the bank’s chief financial officer in 2008.

‘Positive for bank’

“His appointment is positive for the bank as he has 24 years of experience in the bank,” said Jaikishan Parmar, research analyst, Angel Broking. “He brings predictability and there will be a smooth running of the bank. The top management will find it easier to work with him... we have to see his style of functioning in the coming months,” he added.

Mr. Jagdishan currently oversees several functions at the group level including finance and is the strategic change agent.

“He has played a critical role in supporting the growth trajectory of the bank,” the bank said in a statement. “He has led the finance function and played a pivotal role in aligning the organisation in achieving the strategic objectives over the years.”

Prior to joining HDFC Bank, he worked at Deutsche Bank AG. A science graduate, he is a chartered accountant and also holds a master’s degree from the University of Sheffield, U.K..

“I fully recognise that Mr. Puri’s are huge shoes to fill,” said Mr. Jagdishan. “I’ll leave no stone unturned to carry forward the rich legacy.”

“Sashi brings to the table a rare combination of IQ and EQ. Given his understanding of the business, coupled with a strong people connect, we’re confident that he’ll take the bank to the next level,” said Shyamala Gopinath, chairperson, HDFC Bank.

“I congratulate Sashi on his appointment. He understands the bank's ethos, culture which has made it what it is. Given our inherent strengths and now Sashi's leadership, I believe that the best of the bank is yet to come,” said Mr. Puri.

Mr. Puri, widely credited with building the bank from scratch, retires in October.

The bank’s shares gained 3.9%, or ₹39.45, to close at ₹1,041.40 on the BSE.