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India' highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> on Saturday said its board has finalised three candidates, in order of preference, to succeed CEO and MD Aditya Puri, but did not disclose the names, saying they will be communicated to the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>. </li><li>Puri has been the head of the lender since its incorporation 25 years ago.</li><li>A media report in the run up to the board meet had mentioned the names of Sashidhar Jagdishan, Kaizad Bharucha and Sunil Garg as the ones who had made the cut.</li></ul>HDFC Bank on Saturday said its board has finalised three candidates, in order of preference, to succeed CEO and MD Aditya Puri, but did not disclose the names, saying they will be communicated to the RBI. Puri has been the head of the lender since its incorporation 25 years ago and has led it to be the largest and most valuable bank, on the back of a strict hold over asset quality. It is one of the most coveted jobs in the Indian banking sector and market watchers are keenly awaiting who will be the chosen appointee. The HDFC Bank board had appointed a search committee and also engaged external headhunters to help it zero in on a candidate. "The Board of Directors of the Bank has today (Saturday) finalised the names of three candidates, in the order of preference, for the position of the managing director and chief executive officer (MD &amp; CEO) of the bank," the bank informed the bourses in a statutory filing. It did not elaborate on who the three were. A media report in the run up to the board meet had mentioned the names of Sashidhar Jagdishan, Kaizad Bharucha and Sunil Garg as the ones who had made the cut. Jagdishan and Bharucha are internal candidates, while Garg is working with American banking major Citigroup. Garg is the chief executive of Citi Commercial Bank, while Jagdishan is an additional director who heads the finance, human resources, legal and secretarial functions at HDFC Bank, and Bharucha is an executive director responsible for wholesale banking. Earlier this month, the Reserve Bank had asked for the appointments of both Jagdishan and Bharucha to be kept in abeyance, asking for the new chief executive to take a call on it. 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 who will take the bank into the future will be announced," he had told reporters over a conference call last month.

HDFC Bank board shortlists 3 preferences to succeed Aditya Puri, waits for RBI nod

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> and Amitabh Chaudhry of Axis Bank are one of the highest paid Indian CEOs in the banking and finance industry. </li><li>HDFC is one of the only two banks ranking in the list of the most valued Indian brands at $4.8 billion, according to Forbes Magazine. </li><li>Following them are Uday Kotak of Kotak Mahindra Bank and ICICI Bank’s former MD and CEO among the top paid employees in the private sector banks.</li></ul>HDFC Bank’s Aditya Puri and Amitabh Chaudhry of Axis Bank are one of the highest paid Indian CEOs in the banking and finance industry. Following them are Uday Kotak of Kotak Mahindra Bank and ICICI Bank’s former MD and CEO among the top paid employees in the private sector banks. The rankings are based on the monthly remuneration of the employees, as per the company’s annual report released this year. <div type="Slideshow" msid="70657329" hostid="261" title="India' highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list" firstImageMsid="70657331" slideCount="7"></div>

India's highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list

New Delhi, Apr 21 () HDFC Asset Managment Company, HDFC Trustee Company and seven individuals have settled with Sebi a case of certain alleged regulatory non-compliances with respect to investments in Essel Group companies. The seven entities, including CEO of HDFC AMC CEO Milind Barve, have settled the case by paying over Rs 4.2 crore towards settlement charges. Other individuals are Compliance Officer Yezdi Khariwala, Chief Investment Officer and Executive Director Prashant Jain, Senior Fund Manager Anil Bamboli, and Senior Fund Manager and Head Credit Shobhit Mehrotra, as per the settlement order dated April 16. HDFC AMC had, on behalf of the mutual fund, invested in debt instruments of Essel Group of companies through various mutual fund schemes. It was alleged that the mutual fund had allegedly defaulted in complying with market regulations, adhering to the requisite standards and thus allegedly failed to exercise proper due diligence and therefore show cause notices were served to them in May 2019. While proposing a settlement, the entities said there are no subsisting complaints by the unit holders with regard to this matter in respect of the various mutual fund schemes of HDFC AMC. They also submitted that HDFC AMC has already compensated the unit holders of the affected mutual fund schemes for Rs 4.46 crore. "It was further proposed that, the settlement amount of Rs 4,20,46,420... would be paid out of the funds of HDFC AMC and that the liability would not be passed on to the unit holders," Sebi said in the order. The entities proposed to pay a little over Rs 4.2 crore to settle the matter. The regulator's high-powered advisory committee recommended the case for settlement. The settlement amount was remitted on March 21, 2020, the order said. SRS RVK

HDFC AMC reaches settlement with Sebi in Essel Group matter

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s share price is up by over 3% on Monday morning after the financial institution declared its results on Saturday, July 18. </li><li>The bank reported a 20% jump in profits as compared to the same quarter last year. </li><li>Analysts expect HDFC Bank to bear through the impact of the coronavirus pandemic with more capital coming in and an in-house replacement of HDFC Bank’s current managing director, Aditya Puri. </li></ul>HDFC Bank’s share price is up more than 3% after it announced its earnings over the weekend. The jump in share price also comes after shareholders have approved the bank to raise up to ₹50,000 crore through bonds to enhance capital base to fund its business growth. <div type="image" title="hdfc bank stock price q1fy21 (1)" msid="77061440" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s stock price over the last three months&amp;lt;/p&amp;gt;"></div> The bank reported a 20% increase in profits on a yearly basis. However, provisions for bad loans and contingencies were up 49% as compared the same quarter last year bolstering for what may come when the Reserve Bank of India’s (RBI) moratorium comes to end in August. <div type="image" title="hdfc bank profit" msid="77061449" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s profits over the last five quarters&amp;lt;/p&amp;gt;"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total portfolio under moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Customers who availed moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">People who have cleared dues since first moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">70% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">People who rolled from the first moratorium to the second </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">90% </td></tr></tbody></table>Source:Motilal Oswal Securities Analysts believe that adequate capital addition and the likelihood of an internal successor to the post of Managing Director (MD) are indicators that HDFC Bank has enough of a cushion to bear through however the coronavirus pandemic plays out. “Overall performance of the bank should remain steady and we expect the bank to offset near-term pressure on other income via tight control over opex,” said Motilal Oswal Securities’ review of the bank’s earnings. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tip </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Time frame </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,320 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,280 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,136 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr></tbody></table> Banks, including HDFC Bank, are busy raising capital to cushion the impact of the coronavirus in the coming quarters. Shareholders of HDFC Bank have given their approval to raise up to ₹50,000 crore through bonds to enhance capital base to fund its business growth. The bank is also in the midst of appointing a successor for its managing director Aditya Puri. The three shortlisted names sent to the Reserve Bank of India include Sashidar Jagdishan, Kaizad Barucha and Sunil Garg. The former two are already executive directors at HDFC Bank Aditya Garg is the global chief executive officer (CEO) of Citi Commercial Bank. “CEO succession remains an important event in the near term and a key monitorable,” said Motilal Oswal Securities’ report. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-q1-earnings-bad-loans-and-moratorium/articleshow/77033494.cms">HDFC Bank is mum on the loans under moratorium⁠— profit jumps 20%, provision for bad loans spike 49%</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-earnings-expectation-from-q1fy21-results-on-july-18/articleshow/77013905.cms">HDFC Bank may see credit growth but its margins will continue to remain under pressure in Q1</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-loans-to-be-cheaper-as-interest-rates-get-slashed-by-0-2/articleshow/76830880.cms">HDFC Bank loans to be cheaper as interest rates get slashed by 0.2%</a>

HDFC Bank is beefing up capital and provision to cushion a spike in bad loans post moratorium — and that’s helping its share price

New Delhi, Jan 9 () Mortgage lender HDFC on Thursday said it has completed the acquisition of majority stake in Apollo Munich Health Insurance for Rs 1,495.81 crore.
 HDFC bought 50.80 per cent stake of Apollo Hospitals Group in Apollo Munich for Rs 1,485.14 crore and 0.36 per cent shareholding of employees for Rs 10.67 crore.
 On January 2, HDFC had informed that the company and its subsidiary HDFC ERGO has got approvals for acquiring a majority shareholding in Apollo Munich.
 "Subsequent to this approval (regulatory), Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health) and will operate as a subsidiary of HDFC Ltd," HDFC said in a regulatory filing on Thursday.
 The acquisition comes after approvals from the Competition Commission of India, the RBI and the Insurance Regulatory and Development Authority of India.
 Anuj Tyagi, Executive Director &amp; Chief Business Officer at HDFC ERGO General Insurance Company (HDFC ERGO General) has been appointed as the Managing Director and CEO of HDFC ERGO Health, subject to approval from Irdai.
 HDFC ERGO Health and HDFC ERGO General will shortly apply to the National Company Law Tribunal (NCLT) for their merger, HDFC said.
 Post merger, the resultant entity will be the second largest private insurer in accident and health segment in the country, it said.
 "We are committed to create value for all our stakeholders with the combined strength of the brand HDFC and expertise of Apollo Munich in health insurance," said HDFC Chairman Deepak Parekh.
 Shobana Kamineni, Chairperson of Apollo Munich and Vice Chairperson, Apollo Hospitals Enterprise exuded confidence that the company will become stronger under HDFC.
 Apollo Munich Managing Director Antony Jacob will move to Apollo Hospitals Group.
 "The acquisition provides HDFC ERGO with the opportunity to grow by increasing its footprint and distribution network, in line with its strategic objective to be amongst the top private insurers in the industry.
 "Policy holders and channel partners will benefit from enhanced product suites, touch points and technology innovations," said Markus Rieb, Chairman, ERGO Group AG and board member of Munich Re.
 HDFC stock settled at Rs 1,270.80 on the BSE, up 1.09 per cent from the previous close. KPM KPM ANU
ANU

HDFC completes majority acquisition in Apollo Munich

Mumbai, Feb 25 () TransUnion Cibil, the largest credit information bureau, on Tuesday appointed Rajesh Kumar of HDFC Bank as its new managing director and chief executive. Kumar succeeds Satish Pillai who has moved to become the president of Asia region business of the US-based company. Prior to joining Cibil, Kumar was the group head for retail credit and risk at HDFC Bank. With two decades of experience at HDFC Bank, he helped the second largest bank grow its retail lending book to USD 50 billion, leading a team of more than 3,000 officers. In his role as the MD and chief executive, Kumar will be responsible for steering Cibil India's business into the next phase by ensuring it continues to support the domestic finance industry and consumers. Speaking on Kumar's appointment, Pillai said, "Kumar brings vital leadership and expertise to our business. His deep rooted experience in helping build one of the most successful retail credit business at HDFC Bank gives him great insight into better serving our clients and driving growth of our credit information infrastructure, insights, products and solutions for the benefit of all." BEN MRMR

Cibil ropes in HDFC Bank's Rajesh Kumar as MD, CEO

Company boards are operating under increased "political and regulatory" pressure to improve their governance standards, and the resultant risk averseness is a prime reason for the growth <keyword id="29405" type="COMPANY" weightage="20" keywordseo="slowdown">slowdown</keyword>, <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword>'s Chief Executive <keyword id="6419588" type="UNKNOWN" weightage="20" keywordseo="Keki-Mistry">Keki Mistry</keyword> said on Wednesday. The mortgage lender's executive said bankers are not taking lending decisions because of this risk averseness syndrome, and warned it will hamper <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s animal spirit unless there is a change. The comments come at a time when official estimates for FY20 project GDP growth hurtling to an 11-year low of 5 per cent. The government is also allaying fears in the face of greater actions by agencies like CBI, ED and SFIO.
 "Boards are currently operating under far greater scrutiny than ever before, with greater political and regulatory pressure on companies to improve their governance standards," Mistry said at an event organised by industry lobby CII here.
 Citing a few instances, he warned this extreme risk averseness will "hamper India's animal spirit and could lead to a slowdown in economic growth in the country", adding that a few calculated risks ought to be taken.
 Without taking names, the long-standing key executive of the largest pure play home financier, who sits on many boards himself, said there have been instances of independent directors refusing to approve strategic investments fearing that they were "risky".
 The wariness can result in more independent directors of good caliber staying away from joining company boards where they might be needed the most, Mistry said, hinting that the "overarching compliance pressures" need to be softened.
 He said the CII will be leading a delegation to the government to impress its concerns on the pressures faced by independent directors.
 On bankers' conduct amid this period of heightened risk averseness, Mistry said that there have been instances wherein lenders have not renewed their loan pacts even with the good customers, which is hurting economic growth.
 "One of the reasons why we are seeing a slowdown in the economy in the last couple of years has been the fact that risk taking has become a huge issue of banks. Banks have become extremely reluctant..there is plenty of liquidity in the system, there is no shortage," he said.
 "Risk averseness is something that is hurting the economy in a big way and will continue to hurt the economy till we become more willing to take on risks," Mistry added.
 Regulations should not become such that because of them people start becoming so fearful that they do not take decisions, he told reporters later.
 He also added that we are at present going through a period of transition on the same and also welcomed government steps on this front.
 On the high quantum of non-performing loans, Mistry said there is a need to look at such instances as a regular business occurrence.
 He also sought for a nuanced view on whistleblowers, stating that mala fide intentions need to be curbed as many a times accusations get made out of personal factors like greed and animosity, and also termed some individuals as "opportunists". AA ABM
ABM

You Searched For "HDFC CEO" and got 8 results

India' highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list

HDFC Bank board shortlists 3 preferences to succeed Aditya Puri, waits for RBI nod

PTI

India's highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list

Prerna Sindwani

HDFC AMC reaches settlement with Sebi in Essel Group matter

PTI

HDFC Bank is beefing up capital and provision to cushion a spike in bad loans post moratorium — and that’s helping its share price

Prabhjote Gill

HDFC completes majority acquisition in Apollo Munich

PTI

Cibil ropes in HDFC Bank's Rajesh Kumar as MD, CEO

PTI

HDFC CEO Keki Mistry says political and regulatory pressures leading to slowdown

PTI

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