On June 30, the boards of HDFC Ltd and HDFC Bank gave their final approval for the merger. The record date has been fixed for July 13, said the private lender.
Mortgage lender HDFC is set to complete its reverse merger with its subsidiary HDFC Bank, effective Saturday, following the receipt of all requisite regulatory and shareholder approvals. The move means HDFC, the country s first housing finance company will cease to exist. At the same time, its amalgamation into HDFC Bank will create a banking sector behemoth, rivalling American and Chinese lending giants, with a market capitalisation of around $180 billion
To realise its growth aims, Jagdishan said the bank will be adding about 1,500 branches every year for some years to better serve the middle class and upper segment of the country.
Last week, CCI had approved the proposed combination involving the acquisition by Housing Development Finance Corporation Ltd (HDFC) of certain additional shareholding of HDFC ERGO General Insurance Company Ltd (HDFC ERGO).