New Delhi: HDFC Bank — India’s largest private lender — on Saturday said that Deputy Managing Director Kaizad Bharucha has decided to step down from his position and sought cessation of services effective from December 31.
In a regulatory filing, the bank said Bharucha submitted a formal request to cease his duties at the close of business on December 31.
However, the Board of Directors has accepted the request and will forward it to the Reserve Bank of India (RBI) for regulatory approval.
The development comes days before ICICI Group veteran Anup Bagchi is set to assume charge as Managing Director and Chief Executive Officer of HDFC Bank on October 27.
Bharucha was widely seen as a contender for the top role, as per reports.
According to the bank’s exchange filing, the Nomination and Remuneration Committee and the Board considered and accepted Bharucha’s request at their respective meetings, initiating the formal transition process.
The board placed on record its appreciation of Bharucha’s contributions during a career spanning more than three decades at the bank, describing him as a key architect of its growth and institutional strength.
It noted that Bharucha played a significant role in building HDFC Bank’s balance-sheet strength, shaping its risk-management framework and developing its core credit architecture.
One of the lender’s most senior executives, Bharucha has overseen wholesale banking, credit and critical risk-management functions through multiple economic and financial cycles.
His planned departure at the end of the year marks a significant leadership transition for HDFC Bank as the lender prepares its senior management structure for the next phase of growth under a new chief executive.
Earlier in the day, HDFC Bank reported a 5.2 per cent year-on-year rise in second-quarter net profit to Rs 19,610 crore, although earnings fell short of analysts’ estimates due to higher provisions and softer-than-expected net interest income.
–IANS–
