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Jagdishan assumed the role of CEO in 2020, succeeding Aditya Puri, the bank’s founder CEO. His journey within HDFC Bank has been marked by dedication and commitment, having joined the bank as a manager in the finance function and rising through the ranks to become Business Head of Finance by 1999. Prior to his appointment as CEO, he held the position of Group Head while overseeing crucial functions such as finance, human resources, legal and secretarial, administration, infrastructure, corporate communications, and corporate social responsibility.
This approval comes following the merger of HDFC Ltd with HDFC Bank on July 1, 2023. The merger valued at $40 billion established HDFC Bank as the second-largest bank in India, only behind the State Bank of India. The merger led to the dissolution of HDFC Ltd and resulted in HDFC Bank becoming 100% publicly owned. Shareholders of HDFC now own 41% of the bank with each shareholder receiving 42 shares of HDFC Bank for every 25 shares they previously held.
Jagdishan envisions a promising future for HDFC Bank following the merger. He has set ambitious objectives for the bank’s growth, aiming to double its size every four years. In a message directed to over 4,000 employees who joined the bank from HDFC on July 1st, Jagdishan emphasized opportunities within the financial services and mortgage sectors, which he believes are currently underexplored. With a robust distribution network, a growing customer base, ample capital, strong asset quality, and profitability, the combined entity of HDFC Bank is well-positioned to capitalize on this growth.
The bank has stated that the board will convene soon to formalize Jagdishan’s tenure extension.
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