October 3, 2023
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HDFC Bank Revamps Top Management
HDFC Bank Ltd. is revamping some parts of top management as the Indian bank seeks to propel its mortgages business, three months after it acquired another lender. HDFC agreed last April to acquire the country’s largest mortgage lender in a deal valued at about $60 billion to ride a boom in home loans and consumer spending in the world’s fastest-growing major economy.
The bank detailed the changes in a memo to employees late Sunday, according to people familiar with the matter, who asked not to be identified discussing private information.
It has brought information technology and digital functions, led by Ramesh Lakshminarayanan directly under Chief Executive Officer Sashidhar Jagdishan as the bank leans on technology to offer more products and services across its branches.
Ashish Parthasarthy a bank veteran who has led treasury since 2009, will get responsibility for the key retail branch business, which handles deposits and product distribution, they added.
Under Parthasarthy, the lender is splitting the geographical management of the retail branch business to handle its expansion and product plans in a more structured way. It will be co-led by Smita Bhagat and Sampath Kumar. Smita Bhagat, one of the senior women leaders at the bank, was previously the group head for government and institutional business, ecosystem banking, inclusive banking and start-ups.
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