It may be a toss-up between Sashidhar Jagdishan and Kaizad M. Bharucha to fill in the boots of Aditya Puri at HDFC Bank if one were to go by the hints dropped by Puri about an insider assuming the mantle of the head of the private sector bank.

However, “change agent” Jagdishan is widely tipped to occupy the hot seat after Puri retires from the bank in October this year on attaining the age of 70.

In April, the board of HDFC Bank had finalised three candidates for the post of managing director and CEO — Jagdishan, Kaizad Bharucha and Sunil Garg, who heads the global commercial banking business at Citi.

Speaking to the shareholders at its annual general meeting on Saturday, Puri had hinted that his successor will be an internal candidate.

The shareholders at the annual general meeting approved the bank’s proposal to raise Rs 50,000 crore in bonds to finance its business growth, the bank said.

“Our potential successor has been with us for 25 years, my successor was always in place, at least in my mind. It is now for the RBI to decide what has been given to them,” he told the shareholders.

Sashidhar Jagdishan Sourced by the correspondent

Both Jagdishan, who is popularly called Sashi, and Bharucha have had long innings with the bank spanning 25 years.

Jagdishan had joined the bank in 1996 as a manager in finance function. He became business head-finance in 1999 and chief financial officer in 2008.

According to the bank’s website, he has played a critical role in supporting its growth trajectory. Apart from leading the finance function, he has been the key to align

the organisation with the strategic objectives over the years.

Indications that he would be Puri’s next successor were seen last year when Srinivasan Vaidyanathan was appointed as the chief financial officer (CFO) with immediate effect and Jagdishan was given extra responsibilities.

Apart from leading the finance function, he was told to lead various verticals that included legal & secretarial, human resources, corporate communications, infrastructure, administration, corporate social responsibility and, more importantly, be the “change agent of the bank”.

Bharucha, who has been with the bank since 1995, looks after the important wholesale banking business that includes corporate banking, emerging corporate group, business banking, the capital markets business and agri lending. He also served as group head-credit & market risk.

While HDFC Bank has seen some key departures in senior management, Puri hinted that this is not linked to his exit in October or the speculated management reshuffle, subsequently.

Puri said Munish Mittal, group head-IT and chief technology officer, who had spent 25 years at the bank, wanted to pursue further studies, while Abhay Aima (who led private banking) had sought leave nearly two years ago.

Puri also told the shareholders that the best of the bank was yet to come and that despite various challenges amid the Covid 19 outbreak, employee productivity rose.