News: Former HDFC Bank CEO joins Carlyle as Senior Advisor


Former HDFC Bank CEO joins Carlyle as Senior Advisor

Aditya Puri, former CEO of India’s largest private sector bank, HDFC Bank, will advise Carlyle on investments across Asia.
Former HDFC Bank CEO joins Carlyle as Senior Advisor

Global investment firm The Carlyle Group today announced that Aditya Puri, former Chief Executive Officer of India’s largest private sector bank, HDFC Bank, has been appointed as a Senior Advisor to Carlyle in Asia.  

X.D. Yang, Managing Director and Chairman of Carlyle Asia commented, “Mr. Puri has been repeatedly accredited as one of the world’s leading global CEOs. We are excited to have him join Carlyle as a senior  advisor in Asia, and look forward to leveraging his deep expertise and relationships to source new  investment opportunities and to help our portfolio companies build better businesses.” 

Puri will advise the Carlyle team on investment opportunities across Asia. He will provide guidance on the evolving market landscape and new investment opportunities, while also advising  Carlyle’s investment professionals and portfolio management teams on building differentiated high-quality businesses. 

Puri was appointed as the first CEO of HDFC Bank when it was established in 1994. Over his 26 year tenure leading the business, he grew HDFC Bank into the largest private sector bank in India with over $210 Bn of assets (as of September 30, 2020), and the most valuable bank in India with a market cap of over $90 Bn (as of October 2020). 

Under his leadership, HDFC Bank became well-known for its customer-focused approach, disciplined risk management, and strong consistent year-on-year growth. Prior to that, he spent over 20 years at Citibank overseeing parts of the bank’s activities across  India, Greece, Saudi Arabia, Hong Kong, Korea, Taiwan, and mainland China, with his last role as CEO of  Citibank’s operations in Malaysia from 1992-1994. He has won several awards and accolades during his tenure, including being named among Barron’s Top 30 Global CEOs in 2015 and 2018, Fortune’s Top 50  Businesspersons globally in 2016, and most recently, Euromoney’s lifetime achievement award. 

Aditya Puri, commented, “Carlyle is known for its ability to transform businesses, working closely in partnership with management teams and other key stakeholders to drive sustainable long-term growth.  I am very impressed with Carlyle’s track record in a number of key industry sectors, including its leadership position in financial services, not just in India but across Asia. Whether this is with founder-led businesses or large conglomerates, Carlyle’s focus on building better businesses is something I have a great affinity for. It will therefore be a pleasure to act as senior advisor to the Carlyle team in support of their investing  activities across Asia.” 

Carlyle has a well-established history of investing in financial services, both in Asia and globally, fueled by a deep understanding of the market and an ability to create value through its operational expertise and close partnerships with management. Across Asia (ex-Japan), Carlyle has made investments of around  $4.9 Bn in financial services as of September 30, 2020, in companies including SBI Card, SBI Life, HDFC  Limited, PNB Housing Finance, Repco Home Finance, Edelweiss, IIFL, KB Financial Group, China Pacific  Insurance, Ant Group, Du Xiaoman Financial, among others. It is here that Puri’s expertise will be well leveraged by the group as it looks for new investment opportunities in the region.

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Topics: Leadership, Appointments

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