MOSL: AXIS BANK (Buy)-RBI approves appointment of new MD & CEO-Building blocks falling in place to further strengthen recovery
AXIS BANK: RBI approves appointment of new MD & CEO; Building blocks falling in place to further strengthen recovery
(AXSB IN, Mkt Cap USD23.1b, CMP INR645, TP INR750, 16% Upside, Buy)
RBI approves appointment of Mr. Amitabh Chaudhary as MD & CEO of Axis Bank for a period of 3 years with effect from 1-Jan-19 up to 31-Dec-21. Mr. Chaudhary’s term will thus begin after Ms. Shikha Sharma, the current CEO demits office on 31-Dec-18. It’s going to be a second consecutive time that Axis Bank’s MD & CEO will come from a life insurance company.
Brief profile of Mr. Amitabh Chaudhary
Mr. Amitabh Chaudhry has been the MD & CEO of HDFC Standard Life since Jan-10. Mr. Chaudhry started his career in corporate banking with Bank of America in 1987, where he worked in diverse roles ranging from Country Finance Officer, Head of Wholesale and thereafter as MD and Head Technology - Investment Banking, Asia. Mr. Chaudhry was also associated with CLSA as its MD, Head South East Asian Investment Banking and Head Technology Investment Banking. Prior to joining HDFC Life, Mr. Chaudhary worked as MD & CEO at Infosys BPO Ltd. Mr. Chaudhry is a B. Tech (Electronic & Electricals) from BITS-Pilani and is an alumnus of IIM-Ahmedabad.
AXSB will have the youngest CEO amongst all new private banks; rich business/technology experience will help boost growth/productivity levels
Post this management change AXSB will have the youngest CEO in Mr. Amitabh Chaudhry, age 54 years, amongst all new private banks - though several banks are going to see a change in top management over next two years. Mr. Chaudhary also has a vast experience on the technology front which will come in handy as bank further builds upon its digital capabilities and thus boost growth/productivity levels.
Axis Bank is a consumer and corporate bank engaged in operations in India. Co. maintains activities in both retail and corporate banking. Co. is also active as a mutual fund in the Indian capital market. Co., through its servicing and distribution network provides a complete range of services to its investors. As of March 31, 2011, Co. operated 1,390 branches and extension counters, as well as a network of approximately 6,270 ATMs. Co. also has branches in Singapore, Hong Kong, Shanghai, the UAE, and Sri Lanka. Co. provides services in consumer and corporate banking, NRIs, Retail loans, treasury services, Capital market services and Financial Advisory services.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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