Axis Ap­points HDFC Bank Vet­eran as CCO

Bank’s board makes ex­cep­tion to age limit to hire the re­tired Deepak Ma­hesh­wari

The Economic Times - - Finance & Commodities - Joel.Re­[email protected] times­

Mum­bai: Re­tired HDFC Bank ex­ec­u­tive and for­mer Fed­eral Bank board mem­ber Deepak Ma­hesh­wari has taken charge as chief credit of­fi­cer (CCO) at Axis Bank as part of an on­go­ing reshuf­fle un­der­taken by new CEO Amitabh Chaudhry.

Ma­hesh­wari, 64, con­firmed that he had taken over as CCO on Jan­uary 11 to be in charge of cor­po­rate credit ap­praisal and dis­burse­ment. On the re­quest of CEO Chaudhry the bank’s board had to make a spe­cial ex­emp­tion for Ma­hesh­wari to take over be­cause he is now 64 and above the bank’s re­tire­ment age of 60, a per­son fa­mil­iar with the board meet­ing said.

“This is a long term role and I am a full time em­ployee. Axis is re­struc­tur­ing credit func­tions within the bank which will be com­pleted in the next few weeks,” Ma­hesh­wari told ET. Un­til De­cem­ber end, Ma­hesh­wari was a board mem­ber of Fed­eral Bank. On Jan­uary 1, in a no­tice to the stock ex­changes, Fed­eral Bank said that Ma­hesh­wari quit the board to join a fi­nan­cial in­sti­tu­tion. An Axis Bank spokesper­son con­firmed that Ma­hesh­wari had joined as CCO but did not com­ment on the ex­cep­tion made by the board to get him. “Ma­hesh­wari is a sea­soned banker and brings rich ex­pe­ri­ence in credit man­age­ment, prod­uct de­sign and un­der­writ­ing,” the spokesper­son said in an email re­sponse. A se­nior bank­ing ex­ec­u­tive who has worked with Ma­hesh­wari for many years, said his ap­point­ment is an in­di­ca­tion that Chaudhry wants to change the credit cul­ture at Axis. “Though Chaudhry was in the HDFC group, he is in no way linked to Ma­hesh­wari. Chaudhry knows there are prob­lems in Axis Bank’s credit ap­praisal process and Ma­hesh­wari’s ap­point­ment is an at­tempt to tighten it and em­u­late HDFC Bank's model, which Ma­hesh­wari is all too fa­mil­iar with,” the ex­ec­u­tive said.

Be­fore his cur­rent as­sign­ment, Ma­hesh­wari was board mem­ber at Fed­eral Bank un­til Dec 31, 2018

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