India's HDFC Bank has chosen global executive search firm Egon Zehnder to i...
) has chosen global executive search firm Egon Zehnder to identify a successor to managing director Aditya Puri, the country’s top private lender said on Thursday.
Four sources familiar with the discussions told Reuters that a six-member internal search committee, appointed in November last year, has been unable to reach a consensus on selecting a successor to Puri, who has been at the helm of HDFC Bank since its inception in 1994. As per regulations, the bank will need to get approval from the Reserve Bank of India , before any new appointment can be confirmed. HDFC Bank is one of three domestic lenders that the central bank has designated as “too big to fail”.
The sources said Puri and Deepak Parekh, the chairman of India’s largest housing finance company HDFC which owns a minority stake in the bank, have been at loggerheads over the bank’s succession plan, with both advocating their preferred candidates to secure the job.
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