Meet Sashidhar Jagdishan, The Man Heading HDFC Post Merger & Retirement Of Deepak Parekh
Nearly 45 years. That¡¯s how much time former chairman Deepak Parekh spent building and transforming HDFC. Sashidhar Jagdishan, who will be heading the merged entity and carrying forward Parekh¡¯s legacy, is the Managing Director and Chief Executive Officer (CEO) of HDFC Bank.
Nearly 45 years. That¡¯s how much time former chairman Deepak Parekh spent building and transforming HDFC. But now, a new era is unfolding for the world's fourth-largest bank as per market cap (post merger) after Parekh's retirement.
Deepak Parekh's Retirement Ahead Of HDFC Twins' Merger
afp
Just a day before the HDFC twins merged on July 1st, 78-year-old Parekh sent out an emotional note to HDFC shareholders to announce his retirement. While the retirement of one of the most admired banking sector veterans marks the end of an era at HDFC, the bank, especially after the mega merger, is filled with hopes for an even brighter future.
Sashidhar Jagdishan, who will be heading the merged entity and carrying forward Parekh¡¯s legacy, is the Managing Director & CEO of HDFC Bank. Also Read: Here's Why The Man Who Built HDFC Never Owned More Than 1% Of It |
Working At HDFC Since 1996
Sashi had joined HDFC Bank 27 years ago, in 1996, as a manager in the finance function. He became Business Head, Finance, in 1999 and was appointed Chief Financial Officer in 2008. Sashi has played a critical role in supporting the growth trajectory of the Bank. Over the years, he has led the finance function and played a pivotal role in aligning the organisation to achieve its strategic objectives. In 2020, the RBI approved Sashidhar's appointment as HDFC Bank CEO. He had replaced Aditya Puri upon his retirement, who had praised his successor, saying, "Jagdishan has the necessary skills. The best is yet to come for HDFC Bank." Prior to his appointment as Managing Director and CEO of the Bank, he was the Strategic Change Agent of the Bank in addition to overseeing the functions of Finance, Human Resources, Legal and Secretarial, Administration, Infrastructure, Corporate Communications, and Corporate Social Responsibility. He completed his graduation in Science with a specialisation in Physics; he is a Chartered Accountant (CA) by profession and also holds a Master¡¯s degree in Economics of Money, Banking, and Finance from the University of Sheffield, UK. Also Read: List Of Tata Group Chairmen |
What Sashidhar Jagdishan Said After The Merger
indianexpress
HDFC Bank Managing Director and CEO Sashidhar Jagdishan had recently said that post-merger, the lender is aiming to grow at a far more accelerated pace, which could create ¡®a new HDFC Bank every 4 years.¡¯
In his first address after the merger of HDFC Ltd. and HDFC Bank, Sashidhar said the lender will be adding over 1,500 branches annually for some years to increase its reach to several parts of the country, as per an Indian Express report.
"The runway for financial services and mortgages, which are so underserved and under-penetrated, is going to be very large. HDFC Bank, the combined entity, with a large and growing distribution and customer franchise, more than adequate capital, healthy asset quality, and profitability, will be best positioned to capture growth," said Sashidhar.
According to him, the decision for the merger was spurred by the right timing, both from an ¡®economics¡¯ and a regulatory perspective. The bank wants to harness the bond that the erstwhile HDFC Ltd. created with customers through its over four decades of operations, he said.
Also Read: ICICI Bank Becomes India's First Lender To Introduce EMIs On UPI
For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here
