An 'inspiration' to banking sector: ICICI thanks HDFC Bank's outgoing CEO Aditya Puri2 min read . Updated: 26 Oct 2020, 03:34 PM IST
- Puri, who has led HDFC Bank since inception over 25 years ago, is retiring on Monday
- 'Throughout your illustrious career spanning decades, you have been an inspiration to many,' tweets ICICI Bank
As the Managing Director and Chief Executive Officer of HDFC Bank Aditya Puri retires, ICICI Bank on Monday thanked Puri for being an inspiration to the Indian banking industry through his contributions.
Puri, who has led HDFC Bank since inception over 25 years ago, is retiring on Monday after a highly successful career which has made his bank the largest among private sector lenders, displacing ICICI Bank a few years ago.
"ICICI Bank thanks you, Mr Aditya Puri, for your contribution to the Indian banking industry," the bank tweeted from its official handle.
"Throughout your illustrious career spanning decades, you have been an inspiration to many. We wish you the very best for your future endeavours," the bank tweeted.
More than 1 lakh employees of the bank will come together, virtually, to bid adieu to the outgoing leader.
In a recent interview ahead of his retirement, Puri answered a question on the rivalry with ICICI Bank and how HDFC Bank came to dominate the retail space.
ICICI Bank's long-time chief K V Kamath was also a visionary and had more guts, but being "cautiously adventurous" helped HDFC Bank, he said.
HDFC Bank was clear about risk-rewards, having the right systems and ensuring that the brand does not get compromised, Puri said in the interview.
Meanwhile, HDFC has named Sashidhar Jagdishan, one of the top two internal candidates, for the role of CEO. He will assume his role from October 27, leaving behind the coveted position of Additional Director and Head of Finance and HR at the bank.
Aditya Puri was recently conferred the Lifetime Achievement Award by Euromoney Awards of Excellence 2020.
"Aditya Puri's success since building HDFC Bank in 1994 can be measured, in part, by the quality of its absences: the absence of scandal, the absence of any credit bust and the absence of drama. Indian banking generally is not short of any of these things, lurching between dismal creditor catastrophes amid cycles of bailouts and occasional fraud-related arrests, but HDFC Bank has done nothing but grow," wrote the magazine, in its editorial.
"I take this opportunity to acknowledge the contribution of all our stakeholders who have been with us in this journey," said Aditya Puri. "I humbly accept this recognition on behalf of each one of them. And the journey wouldn't have been as good without the support of one and all who have been a part of this."
"It has avoided the low-hanging fruit of lucrative but perilous lending to unsteady conglomerates, letting others take the short-term spoils and the long-term consequences, but while doing so it has somehow grown to be the biggest bank by market capitalization in the country, twice the size of State Bank of India. By 2012 investors were so enamoured with the bank that it had the highest price-to-book ratio, not just in India but the world," further wrote Euromoney.