Deepak Parekh steps down as HDFC chairman

Deepak Parekh, who has worked with Housing Development Finance Corp (HDFC) for 30 years has announced his retirement as the chairman of the HDFC Bank. He took the decision after bank merged with the company's lending arm.

HDFC was the brainchild of the late Hasmukhbhai or H T Parekh, who established India's first retail housing finance company way back in the late 1970s. Prodded by his uncle, Deepak Parekh left his job with the Chase Manhattan to join HDFC in 1978.

Parekh has been at the center of India's banking landscape for over four decades.

Sashi Jagdishan, MD & CEO of HDFC Bank, will now take over from Parekh and leave a lasting mark on the legacy of the HDFC Group.

In his last letter to the shareholders ahead of the HDFC and HDFC Bank merger, Parekh expressed a strong conviction that the alliance between HDFC Bank and its group entities would strengthen further as the bank assumes ownership of the group through an anticipated reverse merger.

"We are extremely confident that the runway for housing finance in India will remain immense for several years to come. It is my time to hang my boots with both anticipation and hope for the future. While this will be my last communication to shareholders of HDFC, rest assured we now stride tall into a very exciting future of growth and prosperity. The HDFC experience is invaluable. Our history cannot be erased and our legacy will be taken forward," he said in the letter.