- HDFC Bank reviews executives for disclosing confidential business strategies.
- Bank confirms internal investigation; appropriate action expected post-findings.
- Review happens amidst leadership changes and 28% share price fall.
HDFC Bank is conducting an internal review after an investigation found evidence that two senior executives disclosed confidential business strategies, and possibly market-sensitive information, to people outside the lender, according to a Bloomberg report citing people familiar with the matter.
The development lands just ahead of a change at the top. Anup Bagchi, a veteran of rival ICICI Group, is set to take over as HDFC Bank’s chief executive on October 27, and the findings add to the challenges awaiting him, the media agency reported.
Two Senior HDFC Bank Executives Under Scrutiny
The two executives oversee certain key businesses and functions at the bank, the report said, citing people speaking on condition of anonymity because the matter is confidential. The bank is still examining whether the information was misused, they added.
According to the report, the investigation began after some of the bank’s leaders grew concerned about the possibility of information being leaked. The probe and its findings were reported to senior management, including some board members, earlier this year. Both executives have since been formally told of the findings, though it was not immediately clear what disciplinary action, if any, would follow.
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HDFC Bank: “Appropriate Action” After Review
An HDFC Bank spokesperson confirmed to the news agency that a review is in progress but declined to comment on its findings or on the executives involved. “In line with our policies, an internal review into this matter is currently underway to gather and evaluate all relevant facts,” the spokesperson said in an emailed statement. “Appropriate action will be taken based on the findings, once the review is complete.”
The bank added that it remains committed to the highest standards of ethics and governance, and that it takes reports of potential violations seriously.
HDFC Bank Faces Probe as Shares Fall 28%
The review comes at a delicate time for a lender valued at about $115 billion and long known for conservative management, strong internal controls and steady profitability. HDFC Bank is now preparing to appoint its first outsider as chief executive following boardroom disputes and a string of management departures, and its share price has fallen about 28% this year, Bloomberg said.
Chakraborty, Jagdishan, Bharucha: Leadership Exits at HDFC
Internal differences at the bank have spilled into public view in recent months. In March, then-chairman Atanu Chakraborty resigned abruptly, saying his personal values clashed with certain practices at the bank. An independent legal review commissioned by the lender later concluded that his concerns were not substantiated.
Bagchi’s appointment follows the surprise decision by incumbent chief executive Sashidhar Jagdishan not to seek another term, ending six years in the role. Kaizad Bharucha, deputy managing director and one of the bank’s longest-serving executives, has also asked to leave at the end of December.
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Why Global Investors Backed HDFC Bank
HDFC Bank was founded in 1994, as India opened its financial sector to private competition. Over the years it became a preferred holding for international fund managers looking for exposure to the country’s rising incomes and expanding consumer credit.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
