India, Sept. 15 -- HDFC Bank shares climbed nearly 3% to Rs 727 on the NSE on Tuesday after the private sector lender moved ahead with the succession process for CEO Sashidhar Jagdishan, whose retirement is due later this year.

The bank has submitted two names to the Reserve Bank of India (RBI) for consideration. The candidates have not been officially disclosed, although people familiar with the matter have identified Deputy Managing Director Kaizad Bharucha and an external candidate as potential contenders.

Names reportedly being considered for the external option include ICICI Prudential Life CEO Anup Bagchi and Citi India CEO K Balasubramanian.

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