% Insider Jagdishan to head HDFC Bk

Reserve Bank clears appointment

Private lender HDFC Bank on Tuesday announced that Sashidhar Jagdishan would be its new managing director and chief executive officer for a period of three years from his date of taking charge i.e. October 27. The Reserve Bank of India (RBI) has cleared the appointment, the bank informed the bourses. Jagdishan replaces Aditya Puri, the high profile banker who led the bank since inception and retires on October 26.

Jagdishan is currently the group head of finance, human resources, legal & secretarial, administration, infrastructure, corporate communications, corporate social responsibility and the strategic change agent of the bank.

Investors cheered the move, sending HDFC Bank's shares up as much as 6 per cent after the news broke out, pushing the broader stock markets higher. The stock closed the day 4 per cent up. HDFC Bank is now the third most valued listed entity in India with a market cap of Rs 6.1 lakh crore after RIL and TCS.

“A meeting of the board of directors of the bank will be convened in due course inter alia to approve the appointment of Mr. Sashidhar Jagdishan as the Managing Director & CEO of the bank, in place of Mr. Aditya Puri, who is due to retire as Managing Director of the bank on October 26, 2020,” said HDFC Bank in a statement.

“He (Jagdishan) has played a critical role in supporting the growth trajectory of the bank. He has led the finance function and played a pivotal role in aligning the organisation in achieving the strategic objectives over the years.” the statement said.

Raamdeo Agrawal, chairman, Motilal Oswal Financial Services said, “Sashidhar has tremendous opportunity to build on the lead the bank has taken in last two decades and remain an example and envy of every single banker in India.”

Shyamala Gopinath, chairperson, HDFC Bank, said, “Sashi brings to the table a rare combination of IQ and EQ. Given his understanding of the business, coupled with a strong people connect, we’re confident that he’ll take the bank to the next level.”

"He understands the bank's ethos, culture

Sashidhar Jagdishan

which has made it what it is. Given our inherent strengths and now Sashi's leadership, I believe that the best of the bank is yet to come," said Aditya Puri, MD, HDFC Bank.

Speaking about his appointment Jagdishan said, “I fully recognise that Mr. Puri’s are huge shoes to fill .... I’ll leave no stone unturned to carry forward the rich legacy."

Widely known as Sashi, Jagdishan has an overall experience of 30 years, 24 of which he spent in HDFC Bank. He joined the bank in 1996 as a manager in the finance function. He became business headfinance in 1999 and was appointed as chief financial officer in 2008 and played a critical role in supporting the bank’s growth trajectory.

Jagdishan holds a master’s degree in ‘economics of money, banking & finance’ from the University of Sheffield, UK.

Prior to HDFC Bank, he had a 3 year stint with Deutsche Bank, Mumbai.