(CTN News) – There is no doubt that the absence of leadership from HDFC Bank will make the integration process smoother and faster as leadership from HDFC will drive the process along smoothly and as quickly as possible.
There is a likelihood that most of the top management of erstwhile HDFC, which includes members of the executive management and senior leadership of the company, will not be joining the combined entity, HDFC Bank, as they move forward with their integration.
HDFC is set to appoint approximately 70% of its senior management to step down from their executive positions as a result of the merger between the two lenders.
As far as the rules are concerned, this will be done in accordance with them. Currently, the rules of the banking industry do not allow banks to have superannuated executives as employees.
According to the report, even though HDFC Bank leadership will not be involved in the integration process, there is a good chance that the process will be smoother and faster since the HDFC bank in its leadership is likely to drive the process.
A maximum of three of the top executives of HDFC Bank will be joining HDFC Bank, and there will only be three of them. V. Srinivasa Rangan is going to be the bank’s executive director from now on, and I am referring to him as Mr. Srinivasa Rangan.
Aside from Sudhir Jha and Ajay Agrawal, the other two senior members of the board of directors at HDFC are Sudhir Jha and Ajay Agrawal, who served HDFC respectively as the chief legal officer and company secretary before joining the bank.
Upon the reorganization of the leadership in the company, it has been decided that Deepak Parekh will no longer be a director of the company due to the rearrangement of the leadership.
The company’s Managing Director (MD) Renu Karnad and Chief Executive Officer (CEO) Keki Mistry will step down from their executive positions as well as continue to serve on the company’s board of directors.
According to the ToI report, about half a dozen senior officials will continue to work with the merged entity as consultants as a result of the merger. However, in an official capacity, they will not be part of the bank’s rolls as a client.
The regional head of the HDFC Group, Madhumita Ganguly; the head of investor relations, Conrad Dsouza; and the chief risk officer of HDFC, Mathew Joseph, are among the members of the executive management who will be stepping down as part of the merger process.
It has been reported that a number of senior HDFC officials who have reached the age of 60 have been offered roles as consultants within the company,