BENGALURU (Reuters) – India’s central bank has approved the appointment of insider Sashidhar Jagdishan as chief executive officer of HDFC Bank Ltd
Jagdishan, currently the head of finance at Mumbai-based HDFC Bank, will replace incumbent CEO Aditya Puri, who has been at the helm of the bank since its inception in 1994. Puri is set to retire in October.
Sources had earlier told Reuters that executive directors Jagdishan, Bhavesh Zaveri and Kaizad Bharucha were among Puri’s preferred choices to succeed him.
The bank said in a regulatory filing https://www.bseindia.com/xml-data/corpfiling/AttachLive/9cb34b1b-0791-453e-8df1-fdd87039bf2d.pdf that its board will meet in due course to approve Jagdishan’s appointment.
Shares of heavyweight HDFC Bank were last trading up 4.7% after the news, pushing the Mumbai market <.NSEI> higher.
Jagdishan joined HDFC Bank in 1996 and has since held many positions, including that of the chief financial officer.
(Reporting by Anuron Kumar Mitra and Chris Thomas in Bengaluru, Editing by Sherry Jacob-Phillips)
