The country’s largest private sector bank, HDFC Bank will complete its reverse merger with its parent company Housing Development Finance Corporation Ltd (HDFC) by July 2023, said HDFC Bank chief financial officer Srinivasan Vaidyanathan.
Vaidyanathan, after announcing the bank’s January-March 2023 quarterly results, in a post-results analyst call said that because of the change of regulators, they have gone to the Insurance Regulatory and Development Authority of India (IRDAI) for its approval. “We think it is June or possibly in July, which is where we think the timeframe is as we speak, given where we are on various things,” said Vaidyanathan.
HDFC Ltd had received approval letters including from Reserve Bank of India, Securities and Exchange Board of India (SEBI) Pension Fund Regulatory and Development Authority (PFRDA) and Competition Commission of India as well as from India’s stock exchanges BSE and the National Stock Exchange.
HDFC-HDFC Bank merger
The merger of HDFC and HDFC Bank has been in the news for a while. In fact, back in 2015, Deepak Parekh, the chairman of the country’s leading mortgage company, had said his firm could consider a merger with HDFC Bank provided circumstances were in favour.
Termed as the biggest transaction in India’s corporate history, HDFC Bank on April 4 last year agreed to take over the biggest housing finance company in a deal valued at about $40 billion, creating a financial services titan. The proposed entity will have a combined asset base of around Rs 18 lakh crore.
HDFC Bank
HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai.
