The HDFC-HDFC Bank merger took effect on July 1, following shareholder and regulatory approvals.
India’s largest private lender HDFC Bank has completed its merger with Housing Development Finance Corporation, the country’s biggest mortgage lender, in a deal that pits the new entity against the world’s largest banks.
The merger took effect on July 1, following shareholder and regulatory approvals.
The merged entity will be the world’s fourth largest bank by market cap in the world — behind JPMorgan Chase, Industrial and Commercial Bank of China and Bank of America, said Soumya Rajan, CEO and founder of Mumbai-based Waterfield Advisors.
« This is a defining event in our journey and I’m confident that our combined strength will enable us to create a holistic ecosystem of financial services, » Sashi Jagdishan, CEO of HDFC Bank said Friday.
« As we navigate the path ahead, we will embrace challenges as opportunities, learn from our experiences, and strive to be the benchmark of success and integrity in the financial services industry, » he said in a press release. Merger details
The merger took place on Saturday, about 15 months after the deal was first announced.
HDFC Bank announced in April last year that it will be acquiring its parent company Housing Development Finance Corporation, the largest home financing lender in India, in a $40 billion all-stock deal.
