https://sputniknews.in/20230630/indias-hdfc-bank-set-to-be-worlds-fourth-most-valuable-bank-after-merger-2749068.html
India's HDFC Bank Set To Be World's Fourth Most Valuable Bank After Merger
India's HDFC Bank Set To Be World's Fourth Most Valuable Bank After Merger
Sputnik India
HDFC Bank Ltd. and Housing Development Finance Corp. create a lender that ranks fourth in equity market capitalisation, behind JPMorgan Chase & Co., Industrial and Commercial Bank of China Ltd. and Bank of America Corp.
2023-06-30T16:33+0530
2023-06-30T16:33+0530
2023-06-30T16:33+0530
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For the first time, an Indian bank will be ranked among the world's most valuable banks after completing its merger on 1 July, challenging its US and Chinese rivals for the top spot.HDFC Bank Ltd and the Housing Development Finance Corp will form a lender that ranks fourth in market capitalisation, behind JP Morgan Chase & Co, the Industrial and Commercial Bank of China Ltd and Bank of America Corp, according to data compiled by Bloomberg.After the merger, HDFC will have a market capitalisation of about $172Bln.Described as the biggest merger in Indian history, HDFC and HDFC Bank announced in April 2022 that they intended to join forces. According to reports, HDFC will buy a 41 percent stake in HDFC Bank through the merger.Market experts say that HDFC has performed well for the past few years and remains a formidable institute with a strong future."The bank expects to grow at 18 percent to 20 percent, there is very good visibility in earnings growth, and they plan to double their branches in the next four years," Suresh Ganapathy, Macquarie Group Ltd's head of Indian research told Bloomberg.
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India's HDFC Bank Set To Be World's Fourth Most Valuable Bank After Merger
Deexa Khanduri
Sputnik correspondent
The merger between HDFC bank and the Housing Development Finance Corp will take effect on 1 July. After this, it will have a customer base of around 120 million - approximately equivalent to the population of Ethiopia.
For the first time, an Indian bank will be ranked among the world's most valuable banks after completing its merger on 1 July, challenging its US and Chinese rivals for the top spot.
HDFC Bank Ltd and the Housing Development Finance Corp will form a lender that ranks fourth in market capitalisation, behind
JP Morgan Chase & Co, the Industrial and Commercial Bank of China Ltd and Bank of America Corp, according to
data compiled by Bloomberg.
After the merger, HDFC will have a market capitalisation of about $172Bln.
Described as the biggest merger in Indian history, HDFC and HDFC Bank announced in April 2022 that they intended to join forces. According to reports, HDFC will buy a
41 percent stake in HDFC Bank through the merger.
Market experts say that HDFC has performed well for the past few years and remains a formidable institute with a strong future.
"The bank expects to grow at 18 percent to 20 percent, there is very good visibility in earnings growth, and they
plan to double their branches in the next four years,"
Suresh Ganapathy, Macquarie Group Ltd's head of Indian research told Bloomberg.
