HDFC Bank finished most integration work after the July 2023 merger with HDFC Ltd, incoming CEO Anup Bagchi said. “I believe that a lot of it is behind us and we still have some work to do,” Bagchi said. He will take charge on October 27, focusing on technology and branches.

Synopsis

HDFC Bank has made significant strides in integrating its merger with HDFC Ltd after its completion in July. The bank's incoming CEO, Anup Bagchi, emphasized the importance of maintaining strong credit quality during varying economic cycles. Bagchi also acknowledged the contributions of Deputy Managing Director Kaizad Bharucha and the wider team. The bank plans to further improve its branch network and technology capabilities in the future.

HDFC Bank has completed much of the work involved in integrating its merger with HDFC Ltd, though changes to its balance sheet and broader transformation efforts are still underway, incoming managing director and CEO Anup Bagchi said.

“I think it is quite a testimony to the team here on this post-merger, of course, you know, the balance sheet changes and the transformation changes, which are still underway. But I believe that a lot of it is behind us and we still have some work to do,” Bagchi said during a post-earnings media call.

The merger, completed in July 2023, expanded HDFC Bank’s balance sheet. In the period after the Covid-19 pandemic, the bank also worked on expanding its branch network and upgrading its technology capabilities, Bagchi said.

Bagchi will take charge as HDFC Bank’s MD and CEO on October 27, a day after the current chief, Sashidhar Jagdishan, completes his term. Jagdishan did not seek reappointment.

Live Events

Bagchi was appointed to the top role earlier this month.He currently heads ICICI Prudential Life Insurance, where he has served as MD and CEO since June 2023.

He also acknowledged the role of Deputy Managing Director Kaizad Bharucha and the wider team in maintaining the bank’s credit quality across economic and credit cycles.

“I would say that Kaizad has been one of the most differentiating factors of the HDFC Bank group. HDFC Bank, in particular, has seen very strong credit quality across cycles and regimes,” Bagchi said.

Bharucha was among those considered for the top role alongside Bagchi. The incoming chief said he was grateful to the board for the opportunity and would work with the team to strengthen the bank’s existing capabilities.

(You can now subscribe to our Economic Times WhatsApp channel)

(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)

Subscribe to The Economic Times Prime and read the ET ePaper online.

...moreless

(You can now subscribe to our Economic Times WhatsApp channel)

(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)

Subscribe to The Economic Times Prime and read the ET ePaper online.

...moreless