, according to a“The product and market leadership of HDFC Limited in the housing finance business and the distribution and customer leadership of HDFC Bank enables the combined entity to offer a full suite of financial products to Indians at large,” Atanu Chakraborty, chairman of HDFC Bank, said in a statement.
HDFC Chairman Deepak Parekh described the merger as “a coming together of equals” and added that “our customers will be the biggest beneficiary.” “The merger makes the combined entity strong enough to not only counter competition but make the mortgage offering even more competitive,” he said. HDFC’s shareholders will receive 42 shares in HDFC Bank for every 25 shares held. HDFC Bank will be wholly owned by the public and existing shareholders of HDFC will own 41% of HDFC Bank after the merger is completed, which could come as late as the third quarter of 2024.
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