The boards of directors of HDFC and HDFC Bank have approved July 1 as the effective date of their mega merger, which will create a financial services behemoth with assets of over $300 billion. The merger is expected to be completed by December 2023.
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The merger will create a one-stop shop for financial services, offering a wide range of products and services to consumers and businesses. The combined entity will have a strong presence in lending, deposits, insurance, wealth management, and other financial services.
The merger is expected to create synergies of around $1.2 billion per year. It is also expected to boost the financial sector in India and make it more competitive.
The merger has been approved by the Reserve Bank of India (RBI), the country’s central bank. The RBI has said that the merger will be “beneficial to the Indian economy” and that it will “strengthen the financial system”.
The merger is the latest in a series of consolidations in the Indian financial sector. In recent years, several banks and insurance companies have merged in order to become more competitive. The HDFC-HDFC Bank merger is the biggest merger in the Indian financial sector so far.
