HDFC Bank, the country’s largest private sector lender, announced on Tuesday that Anup Bagchi has assumed charge as its Managing Director and Chief Executive Officer (MD and CEO).

Bagchi succeeds Sashidhar Jagdishan, who stepped down on Monday following the completion of his tenure, according to the bank’s regulatory filing.

A veteran of the ICICI Group, Bagchi becomes the first external appointee to lead HDFC Bank in its more than three-decade history. Before taking up the new role, he served as Managing Director and CEO of ICICI Prudential Life Insurance.