- HDFC bank on April 4 agreed to take over the biggest domestic mortgage lender in a deal valued at $40 billion.
- PFRDA granted approval for change in status/constitution pursuant to the scheme in accordance with the PFRDA Regulations, 2018.
- The merger has already got approval from the Reserve Bank of India (RBI) and stock exchanges BSE and NSE.
- The proposed entity will have a combined asset base of around Rs.18 lakh crore.
- Once the deal is completed HDFC bank will be 100 percent owned by public shareholders, and existing shareholders of HDFC will own 41 percent of the bank.
- The merger is expected to be completed by the third or fourth quarter of FY24.
- As of April 1, 2022, the market capitalization of HDFC Bank was Rs. 8.36 lakh crore ($110 billion) and that of HDFC Rs. 4.46 lakh crore ($59 billion).
- After completion of the merger HDFC bank will be twice the size of ICICI bank which is the third largest lender now.
- Static Knowledge:
- HDFC Bank MD and CEO - Sashidhar Jagdishan
- HDFC Bank headquarters - Mumbai
- HDFC bank was formed - in August 1994
- Tagline - We understand your world
- PFRDA Chairman - Supratim Bandyopadhyay
- PFRDA headquarters - New Delhi
- PFRDA formed - on 23 August 2003
Question:
Q.1 Merger of HDFC Ltd with which bank has got PFRDA approval recently?a. ICICI bank
b. HDFC Bank
c. Axis Bank
d. Federal bank
