Shillong: HDFC Bank Deputy Managing Director Kaizad Bharucha is leaving. The veteran executive requested to end his service on December 31. India’s largest private lender confirmed the news in a regulatory filing on Saturday. The Board of Directors accepted his request and will now send the exit proposal to the Reserve Bank of India for mandatory approval.
Bharucha’s exit comes just before a major leadership shift. ICICI Group veteran Anup Bagchi takes over as Managing Director and CEO on October 27. Bharucha was often named as a frontrunner for the top job. The bank’s board noted his thirty-year tenure while discussing the transition. Officials called him a key architect of the bank, adding he was instrumental in building the firm's balance sheet, risk-management framework, and core credit architecture.
He steered wholesale banking and risk functions through various economic cycles. The board “placed on record its appreciation of Bharucha’s contributions” to the institution. The lender reported a 5.2 percent year-on-year rise in second-quarter net profit to Rs 19,610 crore. These results missed analyst targets due to higher provisions and softer net interest income. The bank is now restructuring its senior management for its next phase of growth.
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