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The bank did not elaborate on the three candidates who made the cut.
Mumbai
HDFC Bank said Saturday that its board has finalized three candidates, in order of preference, to succeed CEO and MD Aditya Puri, but did not disclose the names, saying they will be released to the RBI.
Puri has been the head of the lender since its incorporation 25 years ago and has made it the largest and most valuable bank, due to strict retention on asset quality.
It is one of the most coveted jobs in the Indian banking sector and market watchers are eager to see who will be the chosen nominee.
The HDFC Bank board had appointed a search committee and also hired outside talent scouts to help it focus on one candidate.
“The Bank’s Board of Directors has finalized today (Saturday) the names of three candidates, in order of preference, for the position of managing director and executive director (MD & CEO) of the bank,” the bank reported the dishes in a legal presentation.
The bank did not elaborate on the three candidates.
A media report in the run-up to the board meeting mentioned that Sashidhar Jagdishan, Kaizad Bharucha and Sunil Garg had made the cut.
Jagdishan and Bharucha are internal candidates, while Garg works with the major American bank bank Citigroup.
Garg is the executive director of Citi Commercial Bank, while Jagdishan is an additional director who heads the financial, human resources, legal and secretarial functions at HDFC Bank, and Bharucha is the executive director responsible for wholesale banking.
Earlier this month, the Reserve Bank had requested that the appointments of Jagdishan and Bharucha be kept on hold, requesting that the new chief executive officer attend to him.
Puri had recently told reporters that his successor will be announced before April. “… the recommendations are with the search committee and before April, an appropriate person will be announced who will take the bank into the future,” he told reporters in a conference call last month.
