HDFC Bank Ltd. (HDB)

BUSINESS SUMMARY
HDFC Bank Limited, a private sector bank, provides financial services to corporations, and middle and upper-income individuals in India. It operates in three divisions: Retail Banking, Wholesale Banking, and Treasury Operations. The Retail Banking division provides various deposit products, loans, credit cards, debit cards, third party mutual funds and insurance, investment advisory services, and depositary services. The Wholesale Banking division offers loans, deposit products, documentary credits, guarantees, bullion trading, foreign exchange, and derivative products, as well as cash management services, clearing and settlement services for stock exchanges, tax and other collections for the government, custody services for mutual funds, and correspondent banking services. The Treasury Operations division manages debt securities, money market operations, foreign exchange, and derivative products. In addition, it provides telephone, Internet, and mobile banking services. As of December 22, 2006, the bank operated 569 branches. The company was incorporated in 1994 and is headquartered in Mumbai, India.

HDFC Bank's mission is to be a World-Class Indian Bank. The objective is to build sound customer franchises across distinct businesses so as to be the preferred provider of banking services for target retail and wholesale customer segments, and to achieve healthy growth in profitability, consistent with the bank's risk appetite. The bank is committed to maintain the highest level of ethical standards, professional integrity, corporate governance and regulatory compliance. HDFC Bank's business philosophy is based on four core values - Operational Excellence, Customer Focus, Product Leadership and People.

Mr. Jagdish Capoor took over as the bank's Chairman in July 2001. Prior to this, Mr. Capoor was a Deputy Governor of the Reserve Bank of India.

The Managing Director, Mr. Aditya Puri, has been a professional banker for over 25 years, and before joining HDFC Bank in 1994 was heading Citibank's operations in Malaysia.

The Bank's Board of Directors is composed of eminent individuals with a wealth of experience in public policy, administration, industry and commercial banking. Senior executives representing HDFC are also on the Board.

Senior banking professionals with substantial experience in India and abroad head various businesses and functions and report to the Managing Director. Given the professional expertise of the management team and the overall focus on recruiting and retaining the best talent in the industry, the bank believes that its people are a significant competitive strength.