HDFC Bank - Prayagraj

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HDFC Bank founder-CEO Aditya Puri sought to end speculation over deputy Paresh Sukthankar’s resignation last week, saying it was due to personal reasons and not because of any dispute over succession or acrimony between the two top bankers who have worked together for nearly 25 years. “This has got nothing to do on who will be the successor,’’ Puri told investors on a conference call on Monday. “He got his personal reasons. I tried to ask him but he requested to leave it at that and I left it at that. He has given his life for the bank — please do not demean that.” India’s most valuable bank has enough managerial depth to keep the growth engine humming and there was no reason to speculate on the reasons behind the departure, Puri told investors. “We are very sorry to see him go and we wish him the best. It has been the most graceful exit, there is no acrimony no differences of opinion, so please stop speculating. In fact, he offered to join the call,” Puri said. “Of course, I am sad personally— he spent 25 years with me. However, at the same time, life goes on.” An audio recording of the call was posted on the bank’s website. The call, which took place just after trading started on Monday and lasted less than 25 minutes, helped soothe investor nerves. Shares recovered from the day’s low of Rs 2,075 to end at Rs 2091, 1.15% down from Friday’s close of Rs 2,114. The resignation had been announced to stock exchanges late on Friday. Puri said Sukthankar had been a contender for the CEO’s post. “The process would start in 18 months and Paresh was a contender. It was put out that we will look out 18 months before and a replacement will be in place 12 months before my retirement (in 2020). That process doesn’t need to change,” he said. “I am not going to choose my successor,” Puri said. “I will have an important role but so will the other four directors in the committee. We haven’t even started looking… When the committee is appointed before the end of the year or the middle of next year, then they will have their terms of reference, which will be put out.” He also pointed out that the bank has enough talent within its ranks. “The bank has got processes — it’s large enough, it has a large depth of management talent. If we are a fertile ground for good people I can’t help it — it is something we have to live with,” Puri said. “But we have always been able to find the resources and I can assure you that there is enough depth of management.” He said new appointments in the wake of Sukthankar’s resignation would be made in the next 10 to 15 days. Analysts said the bank won’t be affected by Sukthankar’s exit. ADVERTISEMENT “Two things set a bank apart— credit quality and the ability to raise capital,” said Siddharth Purohit, analyst at SMC Global Securities, who was on the call. “On both these counts, HDFC Bank is well placed. The bank has a solid second rung and I don’t think this will have any impact on it.” Sukthankar was in charge of the crucial risk function, largely credited with maintaining HDFC Bank’s asset quality since its inception in 1994. But Puri said it was wrong to attribute the strong risk culture to a single person. “To attribute credit quality to me or Paresh or Kaizad (Bharucha) or Sashi (Jagdishan) is wrong,” he said. “It starts from the board and goes all the way down to the fellow who initiates credit. We have very clear target markets which are conservative… We have a split between risk and business —no one individual can make a decision. We will never bet the bank on an initiative — we will test it out and… then scale it up.