IDFC hires top executives from HDFC Bank for it's retail operations; plans to start business on October 1

KOLKATA | MUMBAI: IDFC Bank, which plans to begin business on October 1, has hired senior HDFC BankBSE -1.36 % executives to hammer out its retail strategy. Biju Pillai, Amit Kumar and Birendra Sahu — heads of HDFC Bank's different business verticals at the time of leaving the bank — will now spearhead IDFC's retail assets and card business, branch banking and overall retail operations, respectively, three people familiar with the development said.

IDFC did not have any retail footprint in its pre-banking avatar as it was engaged only in corporate lending. The infrastructure lending institution, where Housing Development Finance Corporation's chairman Deepak Parekh was a founder chairman, will soon compete with HDFC Bank and ICICI BankBSE -2.15 % for the retail business pie.

"Our recruitment plans in the retail business are aligned to our product and branch rollout plan. The focus is on hiring the right talent pool enabled by technology to deliver a distinct customer experience," an IDFC spokesperson said, confirming the matter.

"It's natural for peers to look to hire from leaders they look up to. In the past also, we have had peers hiring from our talent pool," a HDFC Bank spokesperson said. IDFC Bank is also hiring from ICICI Bank and other private lenders. HDFC Bank, India's most valued lender, thrives in retail lending.

For the June quarter, HDFC Bank's retail loan rose 25% yearon-year, helping its loan book grow 22.4% to Rs 3.82 lakh crore. IDFC Bank plans to open 55 retail branches by March next year, many of these would be in rural areas.

"Our objective is to build a unique culture and customer-driven service proposition within the organisation. To this end, we have hired talent from across the banking and financial services industry as well as plan to hire personnel from non-banking backgrounds.

We have hired people from across private, multinational and public financial services organisations," the official said.

IDFC chairman Rajiv Lall will be vice-chairman and managing editor of the banking entity while former Union home secretary Anil Baijal will be its chairman.

HDFC Bank

ICICI Bank