India’s central bank has approved the appointment of insider Sashidhar Jagdishan as chief executive officer of HDFC Bank Ltd, the country’s top private-sector lender said on Tuesday.
Jagdishan, currently the head of finance at Mumbai-based HDFC Bank, will replace incumbent CEO Aditya Puri, who has been at the helm of the bank since its inception in 1994. Puri is set to retire in October.
Sources had earlier told Reuters that executive directors Jagdishan, Bhavesh Zaveri and Kaizad Bharucha were among Puri’s preferred choices to succeed him.
The bank said in a regulatory filing that its board will meet in due course to approve Jagdishan’s appointment.
Shares of heavyweight HDFC Bank were last trading up 4.7% after the news, pushing the Mumbai market higher.
Jagdishan joined HDFC Bank in 1996 and has since held many positions, including that of the chief financial officer.
Source – India Today