HDFC Bank becomes world’s 7th largest bank, Check top 6 banks

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The merger of HDFC Bank and HDFC has created a powerful new bank that is now the world’s seventh-most valuable, worth $154 billion. This makes it even more valuable than banks like Bank of China and Royal Bank of Canada.

It has grown bigger than Morgan Stanley, Goldman Sachs and Bank of China, according to data on companiesmarketcap.com.

In the list of biggest banks in the world as per market capitalisation, HDFC Bank is just behind:

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  • JPMorgan
  • Bank of America
  • China’s ICBC
  • Agricultural Bank of China
  • Wells Fargo
  • HSBC

The merged bank officially started trading on Monday after distributing HDFC Bank shares to HDFC shareholders. Foreign investors own the largest portion at 53.93%, while the Government of Singapore and Invesco Markets Fund also have stakes.

Mutual funds, insurance companies, and regular retail investors also own parts of the bank. The value of HDFC Bank is almost twice that of its competitors ICICI Bank and State Bank of India, which are ranked lower in the list of the world’s most valuable banks.

The merger was a massive $40-billion deal that took effect on July 1. HDFC shareholders received 42 shares of HDFC Bank for every 25 shares they held. As a result, HDFC Ltd’s shares stopped trading on July 13.

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