“We wish to inform you that pursuant to the recommendations of the Nomination & Remuneration Committee, the Board of Directors of HDFC Bank Limited at its meeting held today, has recommended to the Reserve Bank of India (RBI): Appointment of Bhavesh Zaveri as Executive Director (i.e. Whole-time Director) of the Bank for a period of 3 (three) years from such date or such other period as may be approved by RBI, and subsequently by the shareholders of the Bank . Re-designation of Kaizad Bharucha from current designation of Executive Director (Whole-time Director) to Deputy Managing Director of the Bank for a period of 3 (three) years from such date or such other period as may be approved by RBI, and subsequently by the shareholders of the Bank," HDFC Bank said in a regulatory filing.
The move comes ahead of the merger of HDFC and HDFC Bank, which is likely by early next year.
Kaizad Bharucha is a career banker with more than 35 years of experience. He has been associated with the Bank since 1995. In his current position as Executive Director, he is responsible for Wholesale Banking. He has rich and extensive experience in Risk Management, Credit Management, Banking and Business Management. Prior to joining the Bank, he worked in SBI Commercial and International Bank in various areas including Trade Finance and Corporate Banking.
Bhavesh Zaveri is the Group Head – Operations, Cash Management & ATM Product of HDFC Bank. He has an overall experience of over 36 years and has headed the critical functions of Operations, Cash Management and Technology at the Bank. Prior to joining the Bank, Mr. Zaveri worked for Oman International Bank and Barclays Bank.
