HDFC Bank recommends re-appointment of Sashidhar Jagdishan MD, CEO for 3 yrs

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

Livemint
Updated4 Mar 2023
HDFC Bank is expected to raise $500million by selling five-year bonds
HDFC Bank is expected to raise $500million by selling five-year bonds

HDFC Bank on Saturday announced that it's board of directors have recommended the re-appointment of Sashidhar Jagdishan as managing director and CEO for a period of three years with effect from 27 October,2023.

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

“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,” said HDFC Bank in its filing.

In April last year, HDFC Bank announced that parent HDFC will merge with the bank to enable seamless delivery of home loans and leverage on the large base of over 68 million customers of HDFC Bank and inter alia improve the pace of credit growth in the economy.

Under the scheme, HDFC shareholders will receive 42 shares of HDFC Bank having a face value of Re 1 each for 25 shares of HDFC having a face value of 2 each. Further, HDFC shareholding in HDFC Bank will be extinguished as per the scheme of amalgamation.

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

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

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

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

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

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