HDFC Bank wants to create a “new HDFC Bank” every four years
HDFC Bank President Sashidhar Jagdishan has reduced by a year the period of time required to redouble action. Buoyed by the merger of HDFC with HDFC Bank, it now wants to create a new HDFC bank every four years versus the previous forecast of five years.
Under-served and under-penetrated, the financial services and mortgage runway is going to be huge. HDFC Bank – the combined entity – with a large and growing distribution and client franchise, more than adequate capital, quality assets and healthy profitability, will be best positioned for growth.
“The speed at which we aim to grow – we can create a new HDFC Bank every four years!” Jagdishan said in his welcome message to HDFC Bank’s more than 4,000 employees.
In the last annual report (Fiscal Year 22)Jagdishan notes that his bank is likely to add HDFC Bank every five years.
After the merger of HDFC with HDFC Bank, As of July 1, 2023The latter is considered among the most valuable banks in the world.
The private sector lender ranks fourth by market capitalization, behind JPMorgan Chase & Co., Industrial and Commercial Bank of China and Bank of America Corp., according to data compiled by Bloomberg.
The head of HDFC Bank noted that the sustainability of the bank’s growth depends on continuous investments in people and distribution, as well as in emerging and advanced technologies.
- Read also: HDFC and HDFC Bank shares rise
“We will add more than 1500 branches every year for several years To get to the prosperous middle and upper part of this vast country.
“The vision we set ourselves in reimagining our technology architecture will make us a ‘technology company’ in banking! You’ll be proud of the same when it’s unveiled within the next three years.”
Jagdishan emphasized that the decision to merge was motivated by good timing, both from an “economics” and a regulatory perspective.
“Our work begins today, in realizing the potential of what this merger holds for us,” he said.
Jagdishan had previously assured HDFC employees that they would be treated fairly, and assured that HDFC’s leadership team had kept the promise of protecting their jobs and wages.
“We will set up a Complaints Committee to hear the concerns of anyone who wishes to voice their issues. We are committed that once you are settled into your roles, the Committee will consider any further corrections at the levels.