HDFC Bank gets new chief af­ter 26 years

The Star Malaysia - StarBiz - - Foreign News -

MUM­BAI: HDFC Bank Ltd has re­ceived ap­proval for Sashid­har Jagdis­han to be­come the next chief of In­dia’s largest pri­vate-sec­tor lender, the bank said in an ex­change fil­ing.

The Re­serve Bank of In­dia (RBI) has given the nod for Jagdis­han to re­place Aditya Puri as man­ag­ing di­rec­tor and chief ex­ec­u­tive of­fi­cer from Oct 27, ac­cord­ing to the fil­ing. Jagdis­han has been given a three-year term by the RBI.

HDFC Bank shares climbed more than 5% in Mum­bai trad­ing af­ter CNBC TV18 re­ported the news ear­lier yes­ter­day. Af­ter 26 years at the helm, Puri is set to re­tire when he turns 70, the age limit set by the RBI for pri­vate-sec­tor bank chiefs. The lender short­listed three names for his suc­ces­sor in April.

Jagdis­han will face the chal­lenge of main­tain­ing HDFC Bank’s rel­a­tively high as­set qual­ity and loan growth as the coro­n­avirus pan­demic sends the In­dian econ­omy into a deep slump. The na­tion’s big­gest lender by mar­ket value has man­aged to skirt a twoyear-old shadow-bank­ing cri­sis un­der Puri.

Widely known as Sashi, Jagdis­han joined the bank in 1996 as a man­ager in the finance depart­ment. For­merly chief fi­nan­cial of­fi­cer, he is now the group head and strate­gic “change agent” of the bank. He over­sees func­tions in­clud­ing finance, hu­man re­sources, cor­po­rate com­mu­ni­ca­tions and cor­po­rate so­cial re­spon­si­bil­ity. — Bloomberg

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