HDFC Bank Ltd, India’s largest private lender, and its mortgage lender parent, Housing Development Finance Corp. Ltd (HDFC), completed their merger on Saturday, more than 14 months after it was announced, establishing one of the world’s most valuable lenders.
The merger, the largest such transaction in India, would propel HDFC Bank to the fourth position globally by market value, only behind major American and Chinese banks such as JP Morgan Chase with a market cap of $419 billion, Bank of America at $228.4 billion, and the Industrial and Commercial Bank of China (IBC) at $225.1 billion.
With HDFC chairman Deepak Parekh stepping down, the merged entity will be led by Sashidhar Jagdishan, the chief executive of HDFC Bank. Shareholders of the mortgage lender will receive 42 equity shares of HDFC Bank for every 25 shares they hold. HDFC Bank said in a statement that 13 July will be the record date for determining the shareholders of HDFC Ltd who shall be issued HDFC Bank shares.
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