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NEW DELHI: The country’s largest lender HDFC Bank on Tuesday said the Reserve Bank has approved the reappointment of its managing director Sashidhar Jagdishan for a period of three years from October 27.
Jagdishan was appointed MD and CEO of the bank in 2020 in place of Aditya Puri, the bank’s founder and CEO.
The RBI, in its notification dated September 18, 2023, has “approved the reappointment of Sashidhar Jagdishan as Managing Director and CEO of the bank for a period of three years with effect from October 27, 2023 to October 26, 2026,” the bank said in a regulatory filing .
The board of the bank will be convened in due course to give effect to the above appointment, the bank said.
Jagdishan’s extension comes months after the merger of its parent company HDFC Ltd of HDFC Bank, creating the country’s second largest bank after the State Bank of India.
The merger became effective from July 1, 2023, leading to the liquidation of 44-year-old institution HDFC Ltd.
Dubbed as the largest transaction in India Inc’s history, HDFC Bank on April 4, 2022 agreed to acquire its parent, the largest pure-play mortgage lender, in a $40 billion all-stock deal, causing a financial crisis. services titan with combined assets of over Rs 18 lakh crore.
HDFC Bank became 100 percent owned by public shareholders after the merger. As a result of the merger, HDFC shareholders own 41 percent of the bank as each HDFC shareholder got 42 shares of HDFC Bank for every 25 shares they held.
Jagdishan was appointed MD and CEO of the bank in 2020 in place of Aditya Puri, the bank’s founder and CEO.
The RBI, in its notification dated September 18, 2023, has “approved the reappointment of Sashidhar Jagdishan as Managing Director and CEO of the bank for a period of three years with effect from October 27, 2023 to October 26, 2026,” the bank said in a regulatory filing .
The board of the bank will be convened in due course to give effect to the above appointment, the bank said.
Jagdishan’s extension comes months after the merger of its parent company HDFC Ltd of HDFC Bank, creating the country’s second largest bank after the State Bank of India.
The merger became effective from July 1, 2023, leading to the liquidation of 44-year-old institution HDFC Ltd.
Dubbed as the largest transaction in India Inc’s history, HDFC Bank on April 4, 2022 agreed to acquire its parent, the largest pure-play mortgage lender, in a $40 billion all-stock deal, causing a financial crisis. services titan with combined assets of over Rs 18 lakh crore.
HDFC Bank became 100 percent owned by public shareholders after the merger. As a result of the merger, HDFC shareholders own 41 percent of the bank as each HDFC shareholder got 42 shares of HDFC Bank for every 25 shares they held.
