HDFC and HDFC bank have announced a transformational merger.
HDFC said the Proposed Transaction shall enable HDFC Bank to build its housing loan portfolio and enhance its existing customer base.
HDFC-HDFC Bank merger is expected to be completed by Q2/Q3 of FY24.
Deepak Parekh, Chairman HDFC Limited, said this is a merger of equals.
“This is a merger of equals. We believe that the housing finance business is poised to grow in leaps and bounds due to the implementation of RERA, infrastructure status to the housing sector, government initiatives like affordable housing for all, amongst others. Over the last few years, various regulations for banks and NBFCs have been harmonised, thereby enabling the potential merger. Further, the resulting larger balance sheet would allow underwriting of large ticket infrastructure loans, accelerate the pace of credit growth in the economy, boost affordable housing and increase the quantum of credit to the priority sector, including credit to the agriculture sector,” said Deepak Parekh.
[This is a developing story. Check back for more details.]