HDFC Bank became the fourth largest bank in the world after the merger. Loktej Business News
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New Delhi, July 01 (Hindustan Times). The merger of housing finance company HDFC Limited with HDFC Bank has come into effect from today (Saturday). The boards of directors of both the companies had approved the merger on Friday. HDFC ceased to exist after this merger. With this, HDFC has become the fourth largest bank in the world.
After the merger, HDFC Bank has now become the fourth largest bank in the world by market value after JP Morgan, ICBC and Bank of America. This merger is the biggest deal in the country’s corporate world, whose size is about $ 40 billion. Its total assets are more than Rs 18 lakh crore. After this merger, HDFC Limited service will be available in all branches of the bank.
Now all other services including loan, banking will be available in the branch of HDFC Bank. With the merger taking effect, HDFC Bank has a customer base of 120 million, which is more than the population of Germany. The merger increased the branch network of the bank to over 8,300. With this, the total employee strength of the bank will exceed 1,77,000.
It is noteworthy that after the merger, the de-listing of HDFC shares will be effective from July 13. Shares of the combined company will trade from July 17. Under this deal, every shareholder of HDFC will get 42 shares of HDFC Bank for every 25 shares held. In terms of market cap, it will become the second largest company in the country after Reliance Industries Limited. HDFC was the first housing finance company in the country. It was established 44 years ago by Hasmukhbhai Parekh.
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