HDFC Bank Names Anup Bagchi as New CEO
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India's HDFC Bank, one of the country's biggest banks, has appointed Anup Bagchi as its new CEO and Managing Director.
The Reserve Bank of India (RBI), which is India's central bank, has approved the appointment. In India, the central bank must give permission before a new bank leader can start the role.
After the announcement, HDFC Bank's ADRs rose by 4%. ADRs are a type of share that lets people outside India buy a part of the bank.
A rise in share price often shows that investors feel positive about a company's future. In this case, it suggests that investors welcomed the choice of Mr Bagchi as the new leader.
HDFC Bank is one of the largest banks in India, and changes in its leadership are closely watched by the business community.
No further details about Mr Bagchi's background or plans for the bank have been reported so far.
Vocabulary11 words
- appointed
- chosen for an important job
- CEO
- the top boss of a company
- Managing Director
- a very senior leader in a company
- Reserve Bank of India (RBI)
- India's central bank
- central bank
- a special bank that manages money for a whole country
- ADRs
- shares of a non-US company that are traded abroad
- share
- a small part of a company that people can own
- investors
- people who put money into a company hoping to earn more
- leadership
- the people who lead an organisation
- approve
- to officially agree to something
- announcement
- a public statement giving new information
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Quiz
Answer key
1. CEO and Managing Director of HDFC Bank 2. Because India's central bank must approve new bank leaders 3. They rose by 4%
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
India's HDFC Bank, one of the country's biggest banks, has _____ Anup Bagchi as its new CEO and Managing _____.
The Reserve Bank of India (_____), which is India's central bank, has approved the appointment.
In India, the central bank must give _____ before a new bank leader can start the role.
After the announcement, HDFC Bank's _____ rose by 4%.
ADRs are a type of share that lets people outside India buy a part of the _____.
A rise in share price often shows that _____ feel positive about a company's future.
In this case, it suggests that investors welcomed the choice of Mr Bagchi as the new _____.
No further details about Mr Bagchi's background or plans for the bank have been _____ so far.
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