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Mumbai: In his first address to employees post-merger, Sashidhar Jagdishan, MD & CEO, of HDFC Bank said that HDFC Bank’s planned growth rate could create a new HDFC Bank every four years. He said the bank would add 1,500 branches annually for several years to achieve this growth potential.
Jagdishan said the decision for the mega-merger was spurred by the right timing, both from an ‘Economics’ and a regulatory perspective. He said that the bank would like to harness the HDFC’s bond with the customer, and the bank’s work starts today in realising the merger potential.
He said that the bank also envisions reimagining its technology architecture to become a technology-driven company in the banking sector. Welcoming the new employees on board after boards of the two entities approved July 1 as effective date of merger on Saturday, Jagadishan said that HDFC’s excellence in execution is demonstrated in the lowest ever cost to revenue of any housing finance institution globally and losses due to bad loans of 0.04% through the corporation’s life.
Acknowledging the concerns of the 4000+ employees from HDFC, Jagdishan assured them that their jobs and pay would be protected throughout the merger process. An independent external expert was engaged to ensure fairness in determining the roles within the bank, and a grievance committee will be formed to address concerns raised by employees.
He said the merger presents a chance for HDFC bank to leverage its position in various segments.
Jagdishan said the decision for the mega-merger was spurred by the right timing, both from an ‘Economics’ and a regulatory perspective. He said that the bank would like to harness the HDFC’s bond with the customer, and the bank’s work starts today in realising the merger potential.
He said that the bank also envisions reimagining its technology architecture to become a technology-driven company in the banking sector. Welcoming the new employees on board after boards of the two entities approved July 1 as effective date of merger on Saturday, Jagadishan said that HDFC’s excellence in execution is demonstrated in the lowest ever cost to revenue of any housing finance institution globally and losses due to bad loans of 0.04% through the corporation’s life.
Acknowledging the concerns of the 4000+ employees from HDFC, Jagdishan assured them that their jobs and pay would be protected throughout the merger process. An independent external expert was engaged to ensure fairness in determining the roles within the bank, and a grievance committee will be formed to address concerns raised by employees.
He said the merger presents a chance for HDFC bank to leverage its position in various segments.
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