Aim to double every four years: HDFC Bank MD after merger
HDFC Bank's managing director and chief executive Sashidhar Jagdishan on Saturday said the country's largest lender aims to double every four years. In a letter to the over 4,000 employees from HDFC who joined the bank's rolls on Saturday, Jagdishan said the future is bright, and the work on realising the potential of the merger starts now. «The runway for financial services and mortgage, which are so underserved and under penetrated, is going to be very large.
HDFC Bank — the combined entity — with a large and growing distribution and customer franchise, more than adequate capital, healthy asset quality and profitability, will be best positioned to capture growth. The pace at which we aim to grow — we could be creating a new HDFC Bank every 4 years,» he said. HDFC Bank began the day one after the merger with a rebranding exercise, wherein it is putting up its colours at all the over 500 branches and offices of HDFC Ltd.
The erstwhile HDFC's corporate headquarters at Ramon House already sports the HDFC Bank branding, and officials estimated that the entire exercise will be over in the next 24 hours. It can be noted that dedicated teams have been put in place to make the merger as seamless as possible, right since its announcement on April 4 last year. As part of the USD 40 billion all-share deal, the biggest in Indian corporate history, HDFC Bank had committed to absorb all the over 4,000 employees of its parent.
«Our work starts from today, in realising the potential of what this merger holds for us,» Jagdishan wrote. To realise its growth aims, Jagdishan said the bank will be adding about 1,500 branches every year for some years to better serve the middle class and upper segment of the country. It will continue
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