The bank detailed the changes in a memo to employees late Sunday, according to people familiar with the matter who asked not to be identified discussing private information.
It has brought information technology and digital functions, led by Ramesh Lakshminarayanan directly under the Chief Executive Officer Sashidhar Jagdishan Now the bank is relying on technology to offer more products and services at its branches, the people said. Ashish Parthasarthy, a banking veteran who has headed the finance ministry since 2009, will be responsible for the core retail operations, which deal with deposits and product distribution, she added.
The lender’s shares have come under pressure since its acquisition of Housing Development Finance Corp in July HDFC one of the largest banks in the world. Last month, it also suffered a rare rating downgrade by Nomura Holdings Inc, which raised concerns over HDFC’s return on assets and pressure on credit growth.
HDFC agreed last April to acquire the country’s largest mortgage lender in a deal worth about $60 billion, to fuel a home loan boom and consumer spending in the world’s fastest-growing major economy. The deal to combine the two companies with a combined market value of almost $190 billion at the time followed a proposal by the banking regulator to convert large non-bank finance companies into banks to avoid a repeat of the to prevent the country’s massive shadow lending crisis in 2018. .
Under Parthasarthy, the lender is splitting geographic management of the retail business to handle expansion and product plans in a more structured manner, the people said. It will be co-led by Smita Bhagat and Sampath Kumar.
Bhagat, one of the senior women leaders at the bank, was previously group head for government and institutional affairs, ecosystem banking, including banking and start-ups. Kumar was group head of liability products, third party products and non-resident activities at the bank.
HDFC Bank did not immediately respond to a request for comment.
Other important changes:
*Arvind Vohra, who previously headed the retail business, will take over the bank’s retail assets, excluding mortgages. These will be led by Arvind Kapil, as reported earlier.
*Parag Rao, who previously led payments, consumer finance and digital banking, has an extensive portfolio and will lead product commitments and product management, including marketing.
*Rakesh Singh will continue to lead investment banking and private banking, with additional responsibility for the international offshore business, the people said.