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On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal. [24] [25] As part of the merger, HDFC Ltd would transfer its home loan portfolio to HDFC Bank, while the bank offered depositors of HDFC Ltd the choice of either withdrawing their money or renewing their deposits with the bank at the interest rate that the bank was then offering.
In July 2023, HDFC merged with HDFC Bank, India’s largest private-sector bank. The merger aimed to broaden the group's financial offerings and enhance customer access by leveraging the bank's extensive network and diverse portfolio. This strategic consolidation marked a significant milestone in India's financial services landscape. [12]
Mergers are shown as the market value of the combined entities. Free market enterprises ... HDFC Bank: Housing Development Finance Corporation: 60.0 62.5 [362] 7 2023
HDFC Bank sought permission from regulators to merge with its parent HDFC and merged. This led to a lot of probable capital holding violations for which the combined entity was given a year to bring under statutory limits. Before the merger, HDFC swapped its group company Gruh Finance to Bandhan bank for a 15% stake in its combined capital.
At the time of its acquisition, Times Bank had 541 employees, 35 branches and 34 ATMs, whereas HDFC Bank had 827 employees, 57 branches and 77 ATMs. [8] [9] Moreover, many of the employees at the Times Bank were former employees of the State Bank of India. [10] The acquisition of Times Bank by HDFC Bank was a major profit booster for The Times ...
Renu Sud Karnad is an Indian businesswoman and the managing director of India's largest Mortgage Financier Housing Development Finance Corp. Ltd. Additionally she also holds seven other positions for companies like HDFC Property Ventures Ltd., HDFC Education & Development Services Pvt Ltd. (both are subsidiaries of HDFC Ltd.) and Non-Executive Chairman at GlaxoSmithKline Pharmaceuticals Ltd.
Rank Name of the Bank Year of Founding Year of Closing Fate Headquartered in References [1]; 1: The Madras Bank (1683) 1683: 1843: Merged with the Carnatic Bank, The British Bank of Madras (1795), and the Asiatic Bank to form the Bank of Madras in 1843
HDFC Bank; HBL Afghanistan; Miawand Bank; ... United Overseas Bank (Thai) (Formed by the merger of Bank of Asia and UOB Radanasin) Retail banks. AIG Bank (Thailand)