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HDFC, HDFC bank merger proposal gets PFRDA nod

Published on July 16, 2022
Current Context: Pension Fund Regulatory and Development Authority(PFRDA) has granted approval for the merger of HDFC Ltd. with HDFC bank.
HDFC, HDFC bank merger proposal gets PFRDA nod
  • 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
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