HDFC Bank Set To Make Management Changes, First Rejig Since May 2021

HDFC Bank Ltd. is ruffling a few feathers in the top management after the much-talked-about mega merger with HDFC Ltd., which propelled the lender to being the fourth largest bank by market value across the world.

The bank sent out a detailed memo to its employees, listing out major changes in personnel and their portfolio. Arvind Kapil will now take charge of the bank's mortgage business (home loan, loan against property, and HDFC sales), as per an internal document viewed by BQ Prime.

Ashish Parthasarthy, who has led HDFC Bank's treasury since 2009, will head the key retail branch business, which handles deposits and product distribution.

"The runway for our growth is large," Sashi Jagdishan, managing director and chief executive officer of HDFC Bank, said in the document.

"This change is being done to bring in a very sharp focus on leveraging what we have built and for enhanced execution. I am sure that with focused efforts and the wholehearted resolve of the organisation, we will deliver. My best wishes to all of them in their new roles," he said.

The last structural change at the bank was in May 2021, when the bank reorganised itself into three areas, including business verticals, delivery channels, and technology.

The following organisational changes came into effect on Oct. 1:

• Kaizad Bharucha, who serves as deputy managing director and manages wholesale banking, will now manage the inclusive banking initiatives group, corporate social responsibility, and environmental, social, and corporate governance. Kaizad is also designated as the director for AML, oversight, and monitoring of the internal ombudsman.

• Arvind Vohra will now serve as group head of retail assets (excluding mortgages and SLI). He will also focus on increasing retail asset penetration after the merger.

Considering the large balance sheet after the merger, "the country is divided into two branch banking regions", in order to support business momentum and more synergy in operations, the bank said.

he bank's liability businesses, such as government and institutional businesses and alternate banking channels, will now be part of retail branch banking.

• Smita Bhagat and Sampath Kumar will now serve as the two new retail branch banking heads. While Bhagat will lead branch banking for the North, Central, and East regions, Kumar will take charge of the West and South regions.

• Ashima Bhat will be responsible for telesales, or the relationship channel. She will continue to lead the infrastructure function.

• Arup Rakshit will now serve as the Treasury Head.

• Parag Rao, who looks after payments and consumer finance, will also be responsible for marketing, liability product groups, third-party products, and non-resident products.

• Ravi Santhanam will be responsible for running consumer-facing digital products like Payzapp, Vyaapar, and Smartbuy. Ravi will continue to spearhead the digital sales of retail products as the Chief Marketing Officer.

• Anjani Rathor will serve as the chief digital experience officer of the bank.

• Rakesh Singh will be responsible for the creation of the Banking as a Service (BaaS) concept, along with taking charge of offshore international banking, investment banking, private banking, and thematic research.

• Ramesh Lakshminarayanan will continue to serve as the chief investment officer, who will now lead the entire IT and digital functions of the bank.

• Sumant Rampal will head the sustainable livelihood initiative business, along with business banking working capital and a rural banking group.

• Rakesh Kumar Rajput will take over as the chief compliance officer.