Deepak Parekh retires ahead of HDFC, HDFC Bank merger

Deepak Parekh, chairman, Housing Development Finance Corporation Ltd., (HDFC) on Friday announced his retirement ahead of the merger of HDFC Ltd. with HDFC Bank Ltd, ending his 45-year association with the mortgage lender. 

Deepak Parekh, chairman, Housing Development Finance Corporation Ltd., (HDFC) on Friday announced his retirement ahead of the merger of HDFC Ltd. with HDFC Bank Ltd, ending his 45-year association with the mortgage lender. 

In 1978, Mr Parekh had left his job in Chase Manhattan Bank to join his uncle H.T. Parekh who had set up HDFC Ltd., a year before at the age of 65, to provide finance to middle class Indians to own a home.

“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.” Mr Parekh said in a letter to HDFC Ltd’s shareholders. 

“The HDFC experience is invaluable. Our history cannot be erased and our legacy will be taken forward,” he said.  

He said as HDFC hands the baton, “my wish is that our core founding values of kindness, fairness, efficiency and effectiveness gets woven deeper into the fabric of the HDFC group.”

“To all our employees transitioning to HDFC Bank, know that you will always carry the indelible mark of ‘HDFC’ with you. This is your era of new possibilities. Embrace change, continue to work as close-knit teams, be kind and have each other’s back. The future is yours to grasp,” he added. 

Mr. Parekh said the biggest risk organisations face today “is staying with the status quo, believing what worked well yesterday will continue in the future. Change takes courage as it displaces one from the cocoon of comfort and familiarity.”