HDFC Bank is accelerating its search for a new chief executive officer (CEO) after incumbent Sashidhar Jagdishan decided to not seek another term at India’s largest private sector lender, setting the stage for a contest between senior executives from within the lender and prominent external banking candidates.According to a Bloomberg report by Siddhi Nayak, the bank is expected to appoint an executive search firm as early as this week to begin the process of identifying Jagdishan’s successor.Also read: HDFC Bank’s next CEO faces growth and margin testThe succession comes at a crucial juncture for HDFC Bank, India’s most valuable lender with a market capitalisation of around $115 billion. The bank is also seeking to restore investor confidence following the acrimonious departure of its part-time chairman in March and improve the performance of its shares, which have trailed some peers.The new CEO will also be tasked with demonstrating that the bank’s governance framework remains strong while steering growth at a lender that accounted for nearly 12% of India’s total deposits as of June 30.Here are some of the names that could be considered for the top job, according to Bloomberg's Siddhi Nayak:Kaizad BharuchaKaizad Bharucha, 61, is among the strongest internal contenders. A veteran of nearly three decades at HDFC Bank, Bharucha serves as deputy managing director and oversees both retail and wholesale banking, among other responsibilities.His extensive institutional experience could offer continuity at a time when the bank is navigating a leadership transition. However, his tenure could present a regulatory constraint. Bharucha has been a whole-time director since 2014, and RBI rules limit the continuous tenure of a CEO or whole-time director to 15 years.Macquarie analysts, including Suresh Ganapathy, said Bharucha’s institutional knowledge and execution experience could be valuable, but questioned whether a relatively short tenure would merely postpone the succession issue.Also read: HDFC Bank weighing deputy MD Bharucha, outsider for CEO: ReportV. Srinivasa RanganV. Srinivasa Rangan, 66, is another senior HDFC Bank executive who could be considered. He is an executive director and oversees areas including human resources, investment banking, legal, information security, ethics, fraud and vigilance.His age could, however, limit the duration of his tenure. IIFL Capital noted that Rangan would reach the RBI’s upper age limit of 70 around 2030, meaning he could potentially serve only a single term.IIFL Capital senior vice president Rikin Shah said Bharucha could have an advantage over Rangan because of his broader experience in managing the bank’s businesses.Jimmy TataJimmy Tata, HDFC Bank’s chief credit officer, is another potential internal contender, according to a report by NDTV Profit.He has spent more than 30 years with the lender and has worked across corporate banking, risk and credit. His long association with the bank gives him extensive knowledge of its operations and credit framework.Dinesh KharaThe list of possible external candidates includes Dinesh Khara, the former chairman of State Bank of India.Khara, 65, spent nearly four decades at SBI and headed the country’s largest lender before retiring as chairman. CNBC-TV18 has reported that he is among the names being considered for the HDFC Bank CEO position.His experience managing a large balance sheet and a complex banking organisation could make him a strong external candidate. However, Jefferies has cautioned that appointing a former head of a state-owned bank could complicate the transition.Also read: HDFC Bank CEO Sashidhar Jagdishan set to retire: Finance manager 'Sashi' who rose to corner officeAmitabh ChaudhryAmitabh Chaudhry, 62, who has been at the helm of Axis Bank since 2019, is another name that could enter the race, according to Jefferies.Chaudhry previously spent nearly a decade at HDFC Life before moving to Axis Bank. During his tenure at Axis Bank, he oversaw the acquisition of Citigroup’s consumer business in India, a deal that strengthened the lender’s position in credit cards, wealth management, affluent banking and retail financial services.His experience running a large private-sector bank could make him a particularly relevant external candidate.Anup BagchiAnup Bagchi, chief executive of ICICI Prudential Life Insurance, is another potential contender identified by Jefferies.Bagchi has spent more than three decades with the ICICI Group and has held roles spanning retail banking, small and medium enterprises, corporate banking, treasury and data analytics.His experience covers banking, capital markets and insurance, with a strong focus on retail and distribution. However, he has been running an insurance business rather than a bank since 2023.Rajiv SabharwalRajiv Sabharwal, chief executive of Tata Capital, is also among the potential candidates, according to Jefferies.Sabharwal has more than 30 years of experience in financial services and previously served as an executive director at ICICI Bank, where he handled businesses including retail banking, business banking, rural lending, financial inclusion and digital banking.His experience also includes private equity and managing a diversified financial services business. However, his current role is at a non-bank financial company rather than a commercial bank.Vibha PadalkarVibha Padalkar, chief executive of HDFC Life Insurance, could provide another internal option from the wider HDFC Group, Jefferies said.Padalkar has led HDFC Life since 2018 and has extensive experience across financial services. She was reappointed as the insurer’s CEO in 2026 for another five-year term.The eventual choice will have to balance continuity with the need for a fresh leadership direction as HDFC Bank enters its next phase following Jagdishan’s decision not to seek another term.(With inputs from Bloomberg)