The inspiring leadership of Deepak Parekh
In his last letter to shareholders, Deepak Parekh announces his retirement and says “It is my time to hang my boots with both anticipation and hope for the future.”
Here is the full text of Deepak Parekh’s letter to the shareholders –
Dear Shareholders,
When I wrote to you last year, we had just commenced our journey of working towards the merger of HDFC and HDFC Bank. Financial year 2023 marked a year of many happenings. We have been working relentlessly on the merger, whilst continuing to focus on ‘business as usual’ in a global macro-economic environment that has been exceptionally volatile.
The optimism on India continues with renewed vigour. The country has demonstrated resilience with its broad-based recovery. India’s position has been furtherstrengthened with cyclical and structural tailwinds. The country’s GDP growth rate is likely to be more than double that of global growth. We are extremely confident that the runway for housing finance in India will remain immense for several years to come.
During the year, we have made substantial progress on the merger. Personally, if I were to summarise the year in one word, it would be ‘gratitude’.
When we announced the merger, we knew we had hard deadlines to meet and a maze of complex transactions to navigate through. Being one of the world’s largest mergerannouncements in recent times, each milestone has been closely followed by all stakeholders. We have been unwavering in our commitment of being transparent throughout this process and have engaged deeply with our stakeholders to keep them abreast of the progress of the merger.
Working on a merger of this scale has been challenging and rewarding. Encountering hurdles is par for the course in such transactions. Yet,
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