HDFC Bank sacks three senior executives over Credit Suisse AT1 bond mis-selling
Change
Dubai Financial Services Authority barred HDFC Bank's Dubai International Financial Centre branch from onboarding new clients or undertaking fresh business, effective September 27, 2025.
Why it matters
The DFSA restriction forces the DIFC unit to stop client-facing onboarding and related advisory workflows tied to that entity, requiring HDFC Bank to reroute or pause services previously handled through the branch. The move also brings intensified regulatory scrutiny of the bank's cross-border account-booking and relationship-management model.
Implications
- • HDFC Bank's Dubai International Financial Centre compliance and operations teams must implement the remedial onboarding controls identified in the bank's internal review and document corrective actions under conduct regulations.
- • Relationship managers at HDFC Bank's DIFC branch must cease soliciting new clients for investment advisory, deal arrangement, credit-related activities, and custody services and route new business through authorised entities.
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