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This is an archive article published on November 15, 2000
Top-level changes at HDFC
MUMBAI, NOV 14: Housing Development Finance Corporation HDFC has appointed Keki Mistry, presently Deputy Managing Director as the new Ma...
MUMBAI, NOV 14: Housing Development Finance Corporation HDFC has appointed Keki Mistry, presently Deputy Managing Director as the new Managing Director of the organisation. The current MD Deepak Satwalekar has been shifted as managing director and CEO of HDFC Standard Life Insurance Company.
Satwelkar, who has been the managing director of HDFC since February 1993, took up his new assignment on Tuesday. HDFC has 81.4 per cent stake and the rest is held by Standard Life.
Mistry along with two existing executive directors 8211; R V S Rao and Renu S Karnad 8211; will assist Parekh to evolve HDFC into a multi-product organisation, an HDFC statement said here today.
The insurance company is to be managed by a board of directors with Parekh as Chairman with representatives from HDFC and Standard Life apart from a person representing consumer interest and professionals with diverse experience.
The insurance company is to be headquartered in Mumbai and besides setting up its own network of offices, plans to leverage the branch network of HDFC and HDFC Bank.
To begin with, it would offer a suite of a dozen pre-packaged products catering to the savings market and the portfolio is also to include health-related products.
The insurance company recently received a certificate of registration from the Insurance Regulatory and Development Authority IRDA for undertaking life insurance business in India.
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