HDFC Bank has fired three senior executives after an internal probe found lapses in client onboarding and alleged mis-selling of Credit Suisse AT1 bonds at its DIFC branch in Dubai. Regulators had earlier flagged compliance issues and restricted the branch from adding new clients.
The bank said it conducted a detailed review and took corrective steps, including tightening controls and making leadership changes. The AT1 bonds, considered high-risk, had lost value during the Credit Suisse crisis.
HDFC Bank said it remains committed to strong governance and will work with regulators while focusing on rebuilding customer trust.