Both Deepak Shantilal Parekh and Kundapur Vaman Kamath, two stalwarts of Indian financial sector, will be around at least for four more years playing an active role. Both of them have got three-year extensions each. There terms were to come to an end next year.
The boards of Housing Finance Development Corporation on Thursday reappointed its chairman Parekh for three more years up to March 2009. ICICI Bank last week extended its managing director and CEO Kamath's tenure by three years to April 2009.
Parekh would be 64 years of age by the time the extended term ends in March 2009. Kamath will be 61 when his term comes to an end.
Parekh had made a career shift from Chase Manhattan Bank to HDFC in 1978 as a general manager. He became chairman of HDFC in 1993.
Kamath, after an eight-year stint with Asian Development Bank, returned to the erstwhile ICICI to become its managing director and CEO in May 1996.
After graduating from IIM, Ahmedabad in 1971, Kamath started his career with ICICI in the project finance division. In 1988, Kamath joined ADB in their private sector department.
Kamath steered the institution through its most critical phase of conversion of a development financial institution to a universal bank offering an array of financial products under one roof while Parekh has built a financial power house called HDFC which has developed the Indian mortgage market from the scratch.
The reappointments will be ratified at the annual general meetings. HDFC's AGM is scheduled for July 15, 2005.
HDFC board has also reappointed K M Mistry as the managing director for 5 years with effect from November 14, 2005.
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