HDFC Bank merges to become world's fourth largest bank

Daily Current Affairs / HDFC Bank merges to become world's fourth largest bank

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Category : Business and economics Published on: July 04 2023

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The boards of directors of Housing Development Finance Corp Ltd (HDFC) and HDFC Bank, approved the merger between the two institutions effective from July 1 creating the world's fourth biggest bank by market value behind J P Morgan, ICBC and Bank of America.
All share and warrant holders of HDFC as of July 13 would be eligible for HDFC Bank shares.
Termed as the biggest transaction in India’s corporate history, HDFC Bank on April 4 last year agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.