The reverse merger of HDFC with its subsidiary HDFC Bank effective Saturday has increased the total business of the merged entity to over Rs 41 lakh crore, closer to the country's biggest lender SBI. The total business (deposit and advances) of State Bank of India (SBI) stood at Rs 70.30 lakh crore at the end of March 31, 2023. However, the combined profit is higher at Rs 60,000 crore as compared to Rs 50,232 crore recorded by SBI in FY23.
Post-merger, HDFC Bank became the fourth most valued lender in the world and narrowed the gap by asset size with state-owned SBI to be the second largest Indian bank. The total business of the merged entity stood at Rs 41 lakh crore at the end of March 2023. With the merger, the net worth of the entity would be over Rs 4.14 lakh crore.
Sashidhar Jagdishan is the MD and CEO of HDFC Bank. He was appointed as the CEO, MD in 2020. The Reserve Bank of India, in 2020, approved the appointment of Sashidhar Jagdishan who later took charge as HDFC Bank's new MD and CEO as Managing Director. Jagdishan has extensive knowledge and experience in the fields of banking, finance, and economics, it added.
Sashidhar started working at HDFC Bank in 1996 as a manager in the finance department. He played an important role in the growth of the Bank ever since. In 1999, Jagdishan became Business head - Finance and in 2008, the Chief Financial Officer of HDFC Bank.
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In 2019, he was appointed the 'Change Agent of the Bank' and given additional responsibilities of Legal and Secretarial, Human Resources, Corporate Communication, Infrastructure & Administration, and CSR.
Sashidhar studied Science (Physics) from Mumbai University in graduation and is a qualified Chartered Accountant. He also holds a Master's degree in Economics of Money, Banking, and Finance from the University of Sheffield, UK.
According to the Economic Times 2022 report, Sashidhar Jagdishan gets a total compensation of Rs 6.51 crore.
