Aditya Puri, MD, HDFC Bank, has stated that he would prefer an internal successor who has spent a long time with the bank. Talking on the issue of succession post October 2020, Puri added that the succession plan at the bank was always clear. Kaizad Bharucha and Jagadishan are the two internal candidates shortlisted. There is also one outside candidate.

Puri joined HDFC Bank as a virtual start-up and built it over the last 26 years to become India’s largest private bank, most profitable and most valuable by a margin. It has a loan book of Rs.15 trillion and a market cap of nearly $80 billion.

Among the two internal candidates, Jagadishan joined HDFC Bank in 1996 and heads finance, HR, legal, secretarial, administration, infrastructure, CORPCOM and CSR functions. Bharucha joined HDFC Bank in 1995 and is in charge of wholesale banking. The candidate will depend on what is the future thrust of HDFC Bank, going ahead.

In its latest quarterly results for the Jun-20 quarter, HDFC Bank once again reported 20% growth in profits. HDFC Bank also confirmed that just 9% of its customers by value had opted for loan moratorium. The final word on the next CEO will come from the RBI. Puri demits office on 26 October 2020.