New Delhi, Aug. 29 -- HDFC Bank Ltd on Saturday said that its CEO Sashidhar Jagdishan has decided not to seek reappointment when his term ends on 26 October this year.

"Despite persuasion, Mr. Sashidhar Jagdishan reiterated his decision to not seek reappointment.," India's largest private lender said in an exchange filing. "The board deeply appreciated his commitment, leadership, contribution to growth, stability of the bank and his role in successful completion of one of the largest mergers in corporate India."

The bank has now fast-tracked the process to find his successor.

With this, HDFC Bank becomes the latest private-sector lender to witness a leadership change In June, Kotak Mahindra Bank chief executive Ashok Vaswani decided to...