Citibank's K Balasubramanian to head HDFC Bank's corporate banking business
Posted on:19 Apr 2016 18:07:33
19 April 2016 Current Affairs GK: HDFC Bank has roped in K Balasubramanian, a senior executive at Citibank, to head its corporate banking business from next month .Balasubramanian, currently managing director for corporate banking at Citibank, joins at a time when HDFC Bank, known for its retail banking focus, makes a push to attract more companies and institutions to bank with it even as some of its key domestic rivals are plagued by bad debt He will report to Kaizad Bharucha, executive director in charge of wholesale banking at the private sector lender In April 2011, HDFC Bank had appointed Rakesh Singh to head its investment banking business from European bank Rothschild. Since then, HDFC has built a reputation in the debt capital markets even as it tries to build a foothold in the equity capital markets.
Wholesale banking in HDFC Bank includes lending to medium and large companies, small enterprises, investment banking and banking linked to the government.Within this segment, corporate loan book has grown quickly, rising from around Rs 47,000 crore about three years ago to Rs 1 lakh crore currently.
Corporate loan growth is growing quickly and this segment is a clear focus for the bank as its large rivals like ICICI Bank -1.76 % and SBI are plagued by bad loans from the segment
Balasubramanian will replace Jimmy Tata, who was in charge of corporate banking till last year. Tata is now the chief risk officer of the bank.
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