Deepak Parekh quits HDFC after 46 years

New Delhi, June 30

HDFC chairman Deepak Parekh (78) today stepped down after serving the mortgage lender for 46 years. He left his Chase Manhattan Bank job in 1978 to join HDFC when he was 33 and built it India’s largest private sector housing finance company.

“It is my time to hang my boots with both anticipations and hopes for the future. While this will be my last communication to shareholders of HDFC, rest assured we now stride tall into a very exciting future of growth and prosperity,” he said.

Parekh earlier this week had said June 30 will be his last working day after spending 46 years at the Corporation and when asked what he will do after the Board meeting, he jokingly quipped. “I will have a few drinks”.

He exuded confidence that the synergies between HDFC Bank and the group companies will deepen with the bank taking on the mantle of ownership of the group following the reverse merger likely to be effective from Saturday.