In the past, Deepak Parekh encouraged, “Life will be a roller-coaster journey. “You might be successful one day and not the next. Ultimate success is a myth, but happiness and sincerity of purpose are real.
Parekh has maintained his position as the top dog at HDFC for about 30 years now. In light of the impending completion of the merger with HDFC Bank, he is now resigning as chairman.
Bloomberg estimates that the merged company will have a market value of $172 billion. With a market capitalization of $228 billion, Bank of America ranks third in the globe, while JPMorgan Chase has a $417 billion market capitalization.
When Parekh quit his position at Chase Manhattan Bank in 1978, he made twice as much money as he would have at HDFC. It marks the culmination of a journey for Parekh, who joined HDFC at the age of 33 and grew it into India’s largest private sector housing financing organisation. Parekh is now 78 years old.
In 2022, after announcing the historic merger with HDFC Bank, an emotional Parekh stated, “In a sense, it is like the son taking over his father’s business when he grows older.”