This development will lift the curtain on who will be leading India's largest private sector lender after Aditya Puri.
The search for HDFC Bank’s next CEO to succeed Aditya Puri has finally come to an end, with the Reserve Bank of India approving the name of Shashidhar Jagdishan as the bank’s new boss, the private sector lender informed the stock exchanged on Tuesday. Aditya Puri who has been associated with the private sector lender since it started operations back in 1994 is set to retire in October this year. Earlier last month Puri sold shares of HDFC Bank worth Rs 843 crore.
Shashidhar Jagdishan is currently the Group Head and Change Agent of HDFC Bank. Often refered to as Sashi, he joined the Bank in the year 1996 as a Manager in the Finance function and later became Business Head- Finance in 1999. The soon to-be-head of HDFC Bank was appointed as Chief Financial Officer in the year 2008. Having almost 3 decades of experience in the banking industry, Sashidhar Jagdishan is Charted Accountant by profession who also holds a Master’s degree in Economics of Money, Banking & Finance.
The outgoing Aditya Puri nurtured the private sector bank from the rudimentary stage as he aimed to create a world-class Indian Bank. Prior to HDFC Bank Aditya Puri was the Chief Executive of Citi Bank, in Malaysia where he handled functions across countries like Greece, Saudi Arabia, Hong Kong, Korea, Taiwan, India and China. Puri too was a Charted Accountant by profession who studied commerce from Panjab University.
HDFC Bank had in April this year recommended Shashidhar Jagdishan, Kaizad Bharucha and Sunil Garg’s names for post. The latest development lifts the veil on who will be leading India’s largest prive sector bank out of the woods in the coming fiscal year after the coronavirus induced economic slowdown has put the banking sector in stress. HDFC Bank shares were up 4.67% to trade at Rs 1,048 per share.