Reserve Bank of India has approved re-appointment of Sashidhar Jagdishan as MD and CEO of HDFC Bank Ltd for 3 years, said the Mumbai-based lender on Tuesday.
“RBI vide its communication dated September 18, 2023, has approved the re-appointment of Mr. Sashidhar Jagdishan as the Managing Director and Chief Executive Officer of the Bank for a period of 3 (three) years w.e.f. October 27, 2023 to October 26, 2026,” said HDFC Bank in a stock exchange filing.
Sashidhar Jagdishan has an overall banking experience of over 31 years. Jagdishan has completed his graduation in Science with specialisation in Physics, is a Chartered Accountant by profession and holds a Master’s degree in Economics of Money, Banking & Finance from the University of Sheffield, United Kingdom. He joined HDFC Bank in 1996 as a Manager in the Finance function. He became Business Head – Finance in 1999 and was appointed as Chief Financial Officer in 2008.
“He (Jagdishan) played a critical role in supporting the growth trajectory of the Bank, and led the finance function with a pivotal role in aligning the organisation in achieving the strategic objectives over the years. Prior to his appointment as Managing Director & Chief Executive Officer of the Bank, he was the Group Head of the Bank in addition to overseeing the functions of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications and Corporate Social Responsibility,” said HDFC Bank in a stock exchange filing. Jagdishan is not debarred from holding office of director by virtue of any SEBI order or any other such authority. He is not related to any director or Key Managerial Personnel of the Bank, said the lender.
On Monday, HDFC Bank’s scrip on BSE closed 2% lower at Rs 1,629.65.
Jagdishan’s extension comes months after the merger of parent HDFC Ltd with HDFC Bank, creating the second-biggest bank in the country after State Bank of India.
The merger became effective from July 1, 2023, leading to winding up of the 44-year-old institution HDFC Ltd.
Termed as the biggest transaction in the history of India Inc, HDFC Bank on April 4, 2022, agreed to take over its parent, which is the largest pure-play mortgage lender, in a $40-billion all-stock deal, creating a financial services titan with a combined asset of over Rs 18 lakh crore.
HDFC Bank became 100 per cent owned by public shareholders post-merger. As a result of the merger, shareholders of HDFC own 41 per cent of the bank as every HDFC shareholder got 42 shares of HDFC Bank for every 25 shares they had.
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