New Delhi, Aug. 29 -- Sashidhar Jagdishan, Managing Director and Chief Executive Officer of HDFC Bank, has opted out of being considered for reappointment after his current term ends on October 26, putting succession at India's largest private sector bank in focus.

Jagdishan (61) will retire from the bank after spending nearly three decades with the lender. HDFC Bank's board said it will fast-track the process of selecting and appointing his successor and complete it "well within time", according to a regulatory filing on Saturday.

Jagdishan conveyed his decision not to seek another term and reiterated it despite persuasion from the board, the bank said.

The board appreciated his leadership and contribution to HDFC Bank's growth and st...