In HDFC Bank integration process, 70% of HDFC top executives to retire

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As HDFC and HDFC Bank move forward with their integration, most of the former HDFC senior management, which includes executive management along with the company’s senior leadership, will not join the combined entity, HDFC Bank, The Times of India (ToI) It has been reported.

With the merger of the two lenders, about 70 percent of HDFC’s senior management is set to step down from executive positions. This will be done according to the specified rules. Currently, the rules do not allow banks to put retired CEOs on the lists.

The report said the absence of leadership from HDFC is likely to make the integration process smoother and faster because leadership from HDFC Bank will drive the process.

Only three senior HDFC executives will join HDFC Bank. Those are in. Srinivasa Ranjan, who will be the CEO of the bank. Two other senior members joining the bank are Sudhir Jha and Ajay Agrawal, who served HDFC as Legal Director and Company Secretary, respectively.

As part of the leadership rearrangement, Deepak Parekh will no longer be director. On the other hand, CEO Quique Mestre and Managing Director (MD) Renaud Carnad will step down from executive positions and continue as directors.

As part of the merger, about half a dozen senior officials will continue to work with the merged entity as advisors, I The report said. However, they will not be on the bank’s lists in an official capacity.

the regional chief, Madhumita Ganguly; Conrad D’Souza, Head of Investor Relations; HDFC’s Chief Risk Officer, Matthew Joseph, is among the members of the executive management stepping down as part of the merger.

Several senior HDFC officials who have reached the age of 60 have been offered roles to join as consultants I The report said.