HDFC Bank, India’s leading private lender, has announced a strategic reorganization of its top management following the completion of a mega-merger with its parent HDFC Limited, in July. This marks the second organizational reshuffle under the leadership of Sashidhar Jagdishan, who assumed the role of MD & CEO in October 2020.
The rationale behind the restructured structure is to address the bank’s significant growth after the merger, which expanded its size in terms of advances and net worth. Sashi Jagdishan, the MD & CEO, expressed that the changes aim to bring a sharp focus on leveraging the bank’s built assets for enhanced execution.
One of the major changes involves the split of the retail branch banking business into two, with the addition of a dedicated Group Head for the mortgage business. Ashish Parthasarathy, previously leading the treasury, will now take on additional responsibility for the retail branch business, overseeing two geographical regions. Smita Bhagat and Sampath Kumar are appointed as the new Retail Branch Banking Heads, reporting to Parthasarathy.
Arvind Kapil, former head of Retail Assets, will lead the Mortgage business, including Home Loan, Loans Against Property, and HDFC Sales. Arvind Vohra, previously in charge of retail branch banking, will become the Group Head of Retail Assets (excluding Mortgages and SLI).
The bank also introduced the concept of a “Bank within a Bank” to provide relationship management services through a virtual channel. Ashima Bhat, previously the Group Head of Business Finance and Strategy, CSR, ESG, Administration, and Infrastructure, will be responsible for the Tele Sales/Relationship Channel to create this virtual channel.
Ramesh Lakshminarayanan, the CIO, will lead the entire IT and Digital function, unifying technology, and digital developments for a more holistic core and customer experience layer.
Other changes include responsibilities added to executives managing inclusive banking initiatives, CSR, ESG, marketing, liability product groups, and various consumer-facing digital products.
The bank’s focus on digital transformation is evident in these changes, aligning its operations with the new merged identity and aiming for continued growth and customer engagement in the evolving financial landscape.
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