HDFC Bank: In what is being refereed as the biggest financial transaction in history of India, HDFC Bank will take ownership of its parent Housing Development Finance Corp.(HDFC). After the merger on Saturday country’s first home finance company would no longer exist. This merger will make HDFC bank fourth most valuable bank in the world bringing it in the leagues of major American and Chinese lenders. The $40-billion all-stock deal agreed to on April takes combined asset value to over Rs.18 lakh crore.
Rebranding of HDFC Corp.
The final regulations of takeover and rebranding of HDFC Corp. are in process. The procedure for final rebranding was started in the early morning hours of July 1. HDFC bank has now taken over State Bank of India and ICICI Bank as the largest lender in the country. The newly merged lender ranks only behind prestigious companies like J P Morgan, ICBC and Bank of America in terms of market capitalization. The HDFC bank will now be able to offer in-house home loan products to its clients as only 2% of its clients had utilized services of HDFC corp.
What all changes with HDFC bank?
HDFC Bank is now a financial services conglomerate that provides the whole suite of financial services. Its products include banking, insurance and mutual fund investments carried out by its various subsidiaries.
The key subsidiaries of HDFC bank now include HDFC Securities Ltd, , HDFC Asset Management Co Ltd, and HDFC Life Insurance Co Ltd, HDFC Capital Advisors Ltd HDFC ERGO General Insurance Co Ltd and HDB Financial Services Ltd.
The entity now has a customer base of 12 crore people which is a figure that exceeds population of nations like France, Turkey and Germany among others.
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