In recent news, HDFC Bank ties with HDFC Ltd. creating a Mega Merger on July 1, 2023. Taking over its parent company HDFC (Housing Development Finance Corporation), HDFC now becomes the only major, making the home finance company cease to exist.
This tie-up makes them the world’s 4th largest lender totaling $172 billion, after JPMorgan Chase & Co., Industrial and Commercial Bank of China Ltd., And Bank of America Corporation, according to Bloomberg.
From July 7, the transfer of all commercial paper will be made to HDFC Bank of the Housing corp., which was before announced by the management to come under by July 1 after the board’s approval.
The shares of HDFC housing ltd. ceased at 1.6% higher around 2,821.95 rupees whereas HDFC bank was at 1,701.40 rupees around 1.5% higher than NSE.
Therefore, the post-merger result HDFC subsidiaries will now count HDFC securities, HDB financial services, HDFC asset management companies, HDFC ERGO General Insurance Corporation.
Thus, the bank surges around and will soon overpass the other contemporaries with the market cap. Hence, it will soon emerge as a giant corporate firm with largest market share.
