HDFC Ltd to merge into HDFC Bank to create financial behemoth

In an expected development, HDFC Bank, India’s leading private sector bank, on Friday announced the successful completion of the merger of HDFC Ltd, India’s premier housing finance company, with and into HDFC Bank, following the receipt of all requisite shareholder and regulatory approvals.

HDFC Bank and HDFC Ltd had announced a decision to merge on April 4, 2022, subject to obtaining the requisite consent and approvals and had indicated a time frame of 15 to 18 months for the process to be concluded.The Boards of both the companies at their respective meetings held on Friday noted that the merger would be effective from July 1, 2023. The merged entity will be a $175 billion powerhouse and one of the largest in the world.