HDFC Bank HDFC merger news boosted the Indian stock market, with Nifty hitting an all-time high, as the combined entity is expected to create significant synergies and boost profitability
The reverse merger of HDFC into the bank will create a financial services titan with a combined asset of Rs 31.9 lakh crore and a loan book of Rs 22.2 lakh crore as of March 2023 numbers
The boards of HDFC and the private bank will meet on June 30 to clear and approve the merger, Parekh told the media in Mumbai. "The merger is expected to be complete by July 1. Both HDFC Bank and HDFC Ltd will have separate board meetings on June 30," Parekh said.
HDFC Bank, India s largest private lender, is set to merge with mortgage-lending pioneer HDFC, with the merger expected to take effect from July 1. Deepak Parekh, chairman of HDFC, expects HDFC Bank to adopt the same culture of personalised service that HDFC is known for.
The boards of HDFC and HDFC Banks are set to meet after hours on June 30 to go ahead with the merger following approvals from requisite regulatory bodies, HDFC chairman Deepak Parekh said on Tuesday.