Mumbai: Leading private sector bank in the country, HDFC Bank will become fourth biggest bank in the world after its merger with HDFC. It will be also world’s most valuable bank after the merger. After the merger it will be ranked fourth in market capitalisation in the world.
The market capitalization of HDFC Bank will be at $172 billion. It will be the fourth largest bank after JPMorgan Chase, Industrial and Commercial Bank of China, and Bank of America.
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The HDFC-HDFC Bank merger will be effective from July 1. The boards of HDFC and HDFC Bank will meet today to clear and approve the merger. This will be the biggest transaction in India’s corporate history.
The proposed entity will have a combined asset base of around Rs 18 lakh crore. The new entity will also have around 120 million customers. It will also increase its branch network to over 8,300 and boast of total headcount of over 1,77,000 employees.
HDFC Bank will be 100% owned by public shareholders, and existing shareholders of HDFC will own 41% of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.
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