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HDFC Bank shortlists three names to replace Aditya Puri as CEO

HDFC Bank shortlists three names to replace Aditya Puri as CEO

Finance
HDFC Bank has “finalised the names of three candidates for the position of the managing director and chief executive officer of the Bank”. These names will be submitted to Reserve Bank of India for its approval and upon receiving that due disclosures will be made, the bank said in a statement to the stock exchanges on Saturday. According to an earlier ET report, the bank has three contenders to succeed Puri. These include Sashidhar (Sashi) Jagdishan and Kaizad Bharucha, both executive directors of the bank, and Sunil Garg, global CEO of Citi Commercial Bank. Puri, 69, is credited with building the bank from scratch since its 1994 inception and turning it into a financial giant with a balance sheet size of nearly Rs 14 lakh crore. His term will end in October 2020. The bank had constituted
HDFC to tap Egon Zehnder to identify Aditya Puri’s successor

HDFC to tap Egon Zehnder to identify Aditya Puri’s successor

Finance
MUMBAI: India's HDFC Bank will retain global executive search firm Egon Zehnder to find a successor to managing director Aditya Puri, four sources familiar with the matter said, as its board seeks to end an impasse and zero in on a candidate. The board's decision to recruit a global head-hunting firm comes as a six-member internal search committee, appointed in November last year, has not been able to reach a consensus on selecting a successor to Puri, who has been at the helm of the country's largest private lender since its inception in 1994. Puri, whose term comes to an end in October this year, is also an advisor to the search committee tasked with identifying a suitable candidate. "The latest decision to hire a global advisory firm has been taken after the search committee members rea...
ABSL Mutual Fund launches Aditya Birla Sun Life PSU Equity Fund

ABSL Mutual Fund launches Aditya Birla Sun Life PSU Equity Fund

Finance
Aditya Birla Sun Life Mutual Fund has launched the Aditya Birla Sun Life PSU Equity Fund, an open-ended equity scheme that will follow the PSU theme. According to a press release, the new scheme will focus on investing predominantly in Public Sector Undertakings (PSUs) or companies where the government is a majority shareholder with at least 51% shareholding. The new fund offer is open for subscription. It will close for subscription on December 23. The minimum application amount required is Rs 500 and in multiples of Re 1 thereafter, during the New Fund Offer period. The fund house said they believe that the PSUs which dominate many key sectors of the economy would grow in the coming time, especially in industries where setting up a new business unit requires huge capital, regulatory cl...
Aditya Birla Health Insurance targets 80 per cent growth

Aditya Birla Health Insurance targets 80 per cent growth

Finance
KOLKATA: Aditya Birla Health Insurance, a part of Aditya Birla Capital, is expecting to grow its business by 80 per cent during the current financial year, a company official said on Tuesday. In the first half of this fiscal, the company's business stood at Rs 315 crore, which is 78 per cent higher compared to the previous first half. Last year, the company registered a business of Rs 500 crore. "The company is the fastest growing among health insurance companies in the country," CEO of Aditya Birla Health Mayank Bathwal told reporters here. The company came into existence three years ago, he said adding that 2021-22 is likely to be the break-even fiscal. "We expect to break-even by 2021-22. In the subsequent year, the company is expected to clock profits," Bathwal said. With a capital bas...
Aditya Birla Sun Life Retirement Fund collects Rs 166 crore

Aditya Birla Sun Life Retirement Fund collects Rs 166 crore

Finance
Aditya Birla Sun Life AMC Limited had launched the Aditya Birla Sun Life Retirement Fund on February 19, 2019. The fund has collected Rs 166 crore in its NFO period, attracting investors from 241 locations from across the country. The fund in its NFO period that was open for two weeks garnered 23,743 applications, 42% of which are from B30 cities (beyond Top 30 cities) alone. Close to 40% of the applications have come through the SIP route, with a significant portion of it in Century SIP, ABSL MF’s offering of SIP with a life cover. The fund has also achieved in adding over 7,000 new customers to its existing investor base. The fund offers four investment options designed as per suitability of various age groups and different risk profiles of an individual that includes – The 30s pla