HDFC Bank has announced the appointment of Bhavesh Zaveri as Executive Director and the re-designation of Executive Director Kaizad Bharucha as Deputy Managing Director for a period of three years. The board's recommendation to make changes was based on the appointments made by the board at its meeting on Thursday.
The appointments will be subject to the approval of the RBI and the shareholders of the bank, according to the company.
Kaizad Bharucha had worked with SBI Commercial and International Bank in various areas including trade finance and corporate banking before that, and previously worked with the Oman International Bank and Barclays Bank.
Zaveri, the Group Head of Operations, Cash Management and ATM Product of HDFC Bank, is responsible for business and operations across the country and provides a flawless operations execution capability across the diversified product suits of the bank to corporate, MSME and retail verticals.
He has an experience of over 36 years and joined the bank in 1998 in the operations function. In 2000, Zaveri was appointed Business Head of Wholesale Banking Operations in 2009, Group Head of Operations in 2009 and was given additional responsibilities in 2015 of the Information Technology function. The bank said that Zaveri contributed to the digital transformation of the bank.
Zaveri holds a Master's Degree in Commerce from Mumbai University and is a Certified Associate of the Indian Institute of Bankers.
Like Zaveri, career banker Kaizad Bharucha has more than 35 years of experience. He joined the company in 1995.
Bharucha is responsible for Wholesale Banking, covering areas such as corporate banking, PSUs, capital commodities markets, financial institutions, custody, mutual funds, global capability centre financial sponsors coverage, and banks coverage.
As an executive, he was responsible for corporate banking, business banking, healthcare finance, agri-lending, tractor financing, commercial vehicle finance, commercial equipment finance, infrastructure finance, and others. He is also the designated director for the Financial Intelligence Unit FIU and the Internal Ombudsmen Committee.
Bharucha has extensive experience in risk management, credit management, banking and business management.