HDFC Bank Names Axis's Puneet Sharma as New Finance Chief

HDFC Bank has named Puneet Sharma as its next chief financial officer, effective Dec. 1. Sharma resigned as Axis Bank's group head and CFO on June 28, ending a tenure that began in March 2020.

The move reshapes the finance leadership at two of India's largest private-sector banks. HDFC Bank, the country's most valuable lender by market capitalisation, gains an executive with experience at Citibank and Tata Capital. Axis Bank starts its first CFO search in more than six years.

Sharma's appointment fills a role that had been closely watched by investors. HDFC Bank's current CFO is expected to step down later this year, and the bank chose an external candidate over internal promotions, a break from its recent practice of filling senior roles from within.

Sharma spent several years at Citibank in India, handling treasury and corporate finance functions. He later moved to Tata Capital, where he oversaw financial planning and capital markets operations. He joined Axis Bank in March 2020 and led the finance department through the pandemic, a credit cycle, and a period of rapid balance-sheet expansion.

At Axis Bank, Sharma managed the bank's finances as it grew its retail and SME loan books while navigating rising provisions. The bank's earnings improved steadily during his tenure, and net interest margins held up better than some peers amid the rate cycle. His departure creates a gap in the finance function at a time when Axis is expanding into new segments and facing tighter regulatory scrutiny on provisioning.

For HDFC Bank, the hire brings in a CFO with deep experience in both wholesale and retail banking. The bank is still digesting its merger with parent HDFC Ltd, completed in July 2024, and the combined entity's financial reporting and capital management require a steady hand. Sharma's background at Citibank and Tata Capital gives him exposure to treasury operations, a key area as HDFC Bank manages a large deposit base and rising cost of funds.

The appointment also signals the intensifying competition for seasoned finance chiefs across India's private banking sector. Several banks have seen CFO turnover in recent years, driven by retirements, regulatory changes, and the growing complexity of financial reporting. Hiring a sitting CFO from a direct competitor is uncommon and reflects the demand for candidates with both treasury expertise and big-bank experience.

Axis Bank acknowledged Sharma's departure in a regulatory filing June 28, thanking him for his contributions. The bank did not name an interim CFO or provide a timeline for finding a permanent replacement. The CFO role at Axis is critical as the bank pushes to increase its market share in corporate lending and expand its credit card business.

Sharma's official start is Dec. 1. Axis Bank now has roughly five months to fill its top finance role. The transition period gives both banks time to prepare for the leadership change.

HDFC Bank (HDB) shares have been under pressure this year as investors weighed margin compression and leadership succession. The clarity on the CFO role removes one overhang, though the bank still faces headwinds from deposit competition and regulatory tightening.