HDFC Bank vs ICICI Bank: Founders, CEOs and History
HDFC Bank was founded in 1994 by Hasmukhbhai Parekh and is led by Sashidhar Jagdishan. ICICI Bank was founded in 1994 by Industrial Credit and Investment Corporation of India and is led by Sandeep Bakhshi.
Company facts
HDFC Bank
- Founded
- 1994
- Headquarters
- Mumbai, Maharashtra, India
- Current CEO
- Sashidhar Jagdishan
- Employees
- 211,178
ICICI Bank
- Founded
- 1994
- Headquarters
- Mumbai, Maharashtra, India
- Current CEO
- Sandeep Bakhshi
- Employees
- 124,029
Founders
HDFC Bank
Hasmukhbhai Parekh
Hasmukhbhai Thakordas (H.T.) Parekh founded Housing Development Finance Corporation (HDFC) in 1977, at age 66, after a long career at ICICI.
ICICI Bank
Industrial Credit and Investment Corporation of India
The Industrial Credit and Investment Corporation of India (ICICI) was a massively influential financial development institution fundamentally responsible for laying the absolute corporate bedrock of the modern ICICI Bank.
CEOs and their tenures
HDFC Bank
- Aditya Puri1994–2020
Managing Director
First managing director of the bank from its founding until 2020.
Source - Sashidhar Jagdishan2020–present
Managing Director and Chief Executive Officer
Steered the bank through the RBI technology restrictions and the largest merger in Indian banking, while keeping gross NPAs near 1.2%.
Source - Atanu Chakraborty2021–2026
Part-time Chairman
Former Economic Affairs Secretary who chaired the board through the HDFC Ltd merger; resigned on March 18, 2026, citing ethical concerns. Keki Mistry served as interim chairman until Rajiv Kumar's appointment.
Source - Rajiv Kumar2026–present
Part-time Chairman
Former Chief Election Commissioner and Financial Services Secretary; RBI approved his three-year term as part-time chairman effective July 15, 2026.
Source
ICICI Bank
- K V Kamath1996–2009
CEO & Managing Director
Kamath built ICICI's reputation for technology-led banking, early ATMs, internet banking, and retail credit, and oversaw the 2002 reverse merger that created the modern bank.
Source - Chanda Kochhar2009–2018
CEO & Managing Director
Kochhar expanded ICICI Bank's retail franchise and brand reach, but her tenure ended amid the Videocon controversy and a sharp rise in bad corporate loans.
Source - Sandeep Bakhshi2018–present
Managing Director & CEO
Bakhshi is credited with restoring investor and regulator trust after 2018 and turning ICICI Bank into a lower-risk, steadily compounding lender, with net NPAs around 0.3% in 2026.
Source
Timeline: HDFC Bank and ICICI Bank side by side
1955ICICI Bank
ICICI Founded as Development-Finance Institution
ICICI was formed to provide medium- and long-term project finance to Indian businesses.
1994HDFC Bank
HDFC Bank Incorporated
HDFC Bank is incorporated as one of India's new private-sector banks.
1994ICICI Bank
ICICI Bank Incorporated
ICICI Bank was incorporated as part of the ICICI group during India's post-liberalization banking opening. The move gave ICICI a deposit-taking commercial bank able to serve retail, corporate, and transaction-banking customers.
1995HDFC Bank
Banking Operations Begin
The bank begins operations and builds a private-sector banking franchise.
1999ICICI Bank
NYSE Listing Milestone
ICICI became the first Indian company and the first bank or financial institution from non-Japan Asia to list on the New York Stock Exchange. The listing expanded global visibility and imposed a higher disclosure profile on the group.
2000HDFC Bank
Times Bank Merger
HDFC Bank merges with Times Bank, one of its early scale-building deals.
2001ICICI Bank
Bank of Madura Amalgamation
Bank of Madura was amalgamated with ICICI Bank with effect from March 10, 2001. The deal added branches, customers, and a southern India presence that helped the young bank build distribution faster than organic expansion alone.
2002ICICI Bank
Reverse Merger Created Universal Bank
ICICI, ICICI Personal Financial Services, and ICICI Capital Services merged into ICICI Bank.
2010ICICI Bank
Bank of Rajasthan Merger
The Bank of Rajasthan merger strengthened ICICI Bank's branch network, especially in northern and western India. The transaction mattered because local branches and deposits still supported private-bank scale even as digital channels were growing.
2018ICICI Bank
Sandeep Bakhshi Became MD and CEO
Sandeep Bakhshi became Managing Director and CEO in October 2018 after Chanda Kochhar requested early retirement. His tenure has been associated with a sharper focus on risk controls, asset quality, governance, and steady retail-led growth.
2020HDFC Bank
Sashidhar Jagdishan Becomes CEO
Sashidhar Jagdishan succeeds Aditya Puri as managing director and CEO in October 2020.
2023HDFC Bank
HDFC Ltd Merger Completed
HDFC Bank completes the merger with parent HDFC Ltd, creating a much larger banking balance sheet.
2025ICICI Bank
FY2025 Balance Sheet Scale
The FY2025 integrated report listed Rs 16,103.48B in deposits, Rs 13,417.66B in loans and advances, Rs 21,182.40B in standalone total assets, and a 16.55% capital adequacy ratio.
2025ICICI Bank
FY2025 Profitability
ICICI Bank reported Rs 472.27B in standalone profit after tax and Rs 510.29B in consolidated profit after tax for FY2025. Profitability matters because the bank has to fund technology, compliance, provisions, and growth while keeping capital strong.
2025ICICI Bank
IMobile and Card Scale
IMobile processed 558M transactions worth Rs 11,238B in FY2025, and the bank had close to 18M active credit cards at March 31, 2025.
2026HDFC Bank
FY2025-26 Net Revenues Reach INR 1,91,218.60 Crore
HDFC Bank reports ~$22.2 billion (INR 1,91,218.60 crore) in net revenues and ~$8.66 billion (INR 74,671.30 crore) in profit after tax.
2026HDFC Bank
Rajiv Kumar Becomes Chairman
After Atanu Chakraborty resigned in March 2026, the RBI approved Rajiv Kumar as part-time chairman effective July 15, 2026.
2026ICICI Bank
Q1 FY2027 Profit Up 15.9%
Standalone profit rose 15.9% to Rs 14,805 crore for April-June 2026, with net interest income up 12.7% and net NPAs at 0.35%.
2026ICICI Bank
Bakhshi Reappointed to 2028
The RBI approved Sandeep Bakhshi's reappointment as MD and CEO for two years from October 4, 2026.
2026ICICI Bank
FY2026 Profit Crosses Rs 50,000 Crore
Standalone net profit rose 6.2% to Rs 50,146.6 crore in FY2026, with a 4.32% net interest margin and 15.8% loan growth.
Acquisitions
HDFC Bank
- HDFC Ltd. (Reverse Merger)2023Undisclosed
- Centurion Bank of Punjab2008Undisclosed
ICICI Bank
- Bank of Rajasthan2010Undisclosed
- The Sangli Bank2007Undisclosed
- Bank of Madura2001Undisclosed
- Anagram Finance1998Undisclosed
- ITC Classic Finance1997Undisclosed
Questions about HDFC Bank vs ICICI Bank
Who is the CEO of HDFC Bank Limited and ICICI Bank Limited?
HDFC Bank Limited is led by Sashidhar Jagdishan and ICICI Bank Limited is led by Sandeep Bakhshi. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was HDFC Bank Limited founded vs ICICI Bank Limited?
Both HDFC Bank Limited and ICICI Bank Limited were founded in 1994, making them the same age.
How many employees does HDFC Bank Limited have compared to ICICI Bank Limited?
HDFC Bank Limited employs approximately 211,178 people, while ICICI Bank Limited employs approximately 124,029. HDFC Bank Limited has the larger workforce at 211,178 employees, compared to ICICI Bank Limited's 124,029. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are HDFC Bank Limited and ICICI Bank Limited headquartered?
Both HDFC Bank Limited and ICICI Bank Limited are headquartered in India, meaning they operate under the same primary regulatory and tax environment.
Who founded HDFC Bank Limited and ICICI Bank Limited?
HDFC Bank Limited was founded by Hasmukhbhai Parekh. ICICI Bank Limited was founded by Industrial Credit and Investment Corporation of India.
Which company has a longer operating history — HDFC Bank Limited or ICICI Bank Limited?
HDFC Bank Limited has been operating for approximately 32 years, making it the more established of the two companies. ICICI Bank Limited has been in operation for around 32 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the HDFC Bank vs ICICI Bank overview