HDFC Bank proposes re-appointment of Sashidhar Jagdishan as MD, CEO for 3 years

HDFC Bank on Saturday said that its board of directors has proposed that Sashidhar Jagdishan be re-appointed as managing director and CEO for a three-year term beginning October 27, 2023.

The bank further added that the proposal is subject to the Reserve Bank of India (RBI) and shareholder approval.

“This is to inform you that the Board of Directors of the Bank, at their meeting held today, has recommended the re-appointment of Mr Sashidhar Jagdishan (DIN: 08614396) as the Managing Director and CEO of the Bank, to the Reserve Bank of India (RBI), for a further period of three years w.e.f. October 27, 2023, subject to approval of RBI and shareholders," HDFC Bank said in its filing.

In 2020, HDFC Bank named Sashidhar Jagdishan as its new Chief Executive Officer and Managing Director who replaced famed banker Aditya Puri, who is credited for transforming the bank into one of the biggest private lenders in the country.

Sashidhar Jagdishan joined the bank in 1996 and was promoted to chief financial officer in 2008 before being named MD and CEO. He has seen a consistent and sharp rise in the ranks since he joined the bank in the year 1996 as a Manager in the finance department. In 1999, he was appointed Business Head of Finance. Jagdishan was then appointed as Chief Financial Officer in 2008.

With an experience of 33 years, Jagdishan has been instrumental in supporting the growth curve of the bank.

Sashidhar Jagdishan served as a Senior Officer in the Country Financial Control  Division of Deutsche Bank before he joined HDFC Bank. He is a Science graduate with a specialisation in Physics from the University of Mumbai. He has a degree in Chartered Accountancy as well. Jagdishan has a Master's degree in Economics of Money, Banking & Finance from the University of Sheffield, UK.

In 2022, HDFC Bank announced that parent HDFC will merge with the bank to facilitate the smooth distribution of house loans, leverage HDFC Bank's enormous customer base of over 68 million clients, and increase the economy's credit growth rate.

Post the merger, HDFC Bank’s customers could be offered mortgages as a core product. HDFC Bank will also leverage the long-tenor mortgage relationship to offer varied credit and deposit products enabled through better insights throughout the customer life-cycle. This will result in an enhanced value proposition and customer experience for all customers of the combined entity, the two entities said last year.

The merger of HDFC and HDFC Bank is expected to be one of the largest in Indian corporate history.

Also Read: HDFC-HDFC Bank merger: NCLT reserves order after hearing HDFC, HDFC Bank's counsels