Axis Appoints HDFC Bank Veteran as CCO
Bank’s board makes exception to age limit to hire the retired Deepak Maheshwari
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