Another HDFC top executive resigns

The top executives of HDFC Bank continue to put in their papers. The latest to do so is S Ramakrishnan, vice-president and head, retail assets.

Ramakrishnan had taken over as the head of the consumer banking business after Neeraj Swaroop quit last month. Swaroop, former country head, consumer business at HDFC Bank, joined as the CEO of Standard Chartered India last month.

Ramakrishnan is expected to head Citibank's Asia Pacific operations and will be based out of Singapore.

Anando Mukherjee, who headed HDFC bank's retail credit portfolio, had put in his papers a week after Swaroop to take over as the head of retail credit in StanChart. HDFC Bank is expected to reallocate portfolios to tide over the vacancies at the top. Bank officials were not available for comments.

The other big movement in the consumer banking business recently has been of Manoj Adlakha, former vice-president (retail financial services and consumer cards) at American Express. He moved to YES Bank as group executive vice-president and country head, retail banking.

After private equity and corporate finance, it is the turn of banks to keep their consumer banking team together. Retail banking has been growing phenomenally in the recent past, but is still a largely untapped market

While retail finance is around 27 per cent of the gross domestic product in other Southeast Asian countries, in India, it hovers at around 5-6 per cent, which presents a huge opportunity.