Amitabh Chaudhry, the current chief executive officer and managing director of HDFC Standard Life, will likely replace Shikha Sharma, the chief executive officer of Axis Bank, sources told CNBC-TV18.
Chaudhry sold 2.56 lakh shares of HDFC Standard Life between August 20 and August 21, exchange data shows.
On August 3, CNBC-TV18 had reported about Chaudhry being the frontrunner for the post.
Chaudhry has been associated with HDFC Life since January 2010, prior to which he was associated with Bank of America and Credit Lyonnais, according to the company’s website.
The search for outsiders at Axis Bank began after it was found that the internal candidates were not suitable to succeed Sharma.
However, there's no clarity yet on who will be replacing Chaudhry if the rejig takes place.
B Sriram, the newly appointed MD and CEO of IDBI Bank, was also being considered for the post, sources had mentioned earlier.
Sharma, in April, had requested the board of directors to reduce her fourth term to December 2018, instead of May 2021, triggering a hunt for her successor.