HDFC Bank revamps top management after mega merger
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.
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, the people said.
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.
The lender’s shares have come under pressure since the takeover of Housing Development Finance Corp. in July, which made HDFC one of the world’s largest banks.
It also faced a rare downgrade last month from Nomura Holdings Inc., which cited concerns on HDFC’s return on assets and pressures on loan growth.
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.
