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HDFC Bank recommends reappointment of Sashidhar Jagdishan MD, CEO for 3 years


HDFC Bank announced on Saturday that the board of directors has recommended the reappointment of Sashidhar Jagdishan as managing director and CEO for a term of three years starting October 27, 2023.

The Bank further said that it is subject to the approval of the Reserve Bank of India (RBI) and shareholders.

“This is to inform you that the Board of Directors of the Bank, at their meeting held today, has recommended the reappointment of Mr. Sashidhar Jagdishan (DIN: 08614396) as Managing Director and CEO of the Bank, to the Reserve Bank of India ( RBI), for another three-year term from October 27, 2023, subject to RBI and shareholder approval,” HDFC Bank said in its filing.

In April last year, HDFC Bank announced that parent company HDFC will merge with the bank to enable seamless delivery of home loans and leverage HDFC Bank’s large customer base of over 68 million and, among other things, accelerate the pace of credit growth. improve in the economy.

Under the scheme, HDFC shareholders will receive 42 shares of HDFC Bank with a par value of Re 1 each for 25 shares of HDFC with a par value of 2 each. Furthermore, the HDFC shareholding in HDFC Bank will be terminated according to the merger plan.

After the merger, HDFC Bank will be 100% owned by public shareholders and HDFC’s existing shareholders will own 41% of the former.

Sashidhar Jagdishan joined the bank in 1996 and was appointed chief financial officer in 2008, after which he was appointed as MD and CEO.

HDFC Bank Ltd reported 18.5% year-on-year (YoY) increase in net profit for the quarter ended December 2022 to 12,259 crores. This is against the net profit of 10,342.20 crore in the period of the year ago.

Net interest income rose nearly 25% year-on-year in the quarter 22,988 crore from 18,443.50 crore in the corresponding last fiscal quarter.

On Friday, the company’s scrip ended up 1.95% 1,615.55 on BSE.

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Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.