The banking world of India is going to witness a major change in no time. With this, it will happen for the first time that any name of the Indian banking world will stand in competition with the banks of America and China.
Only these 3 banks will remain ahead
In fact, the merger of HDFC Bank and Housing Development Finance Corporation ie HDFC is going to be effective from 1 July 2023. With this, the size of HDFC Bank is going to increase in one stroke and its counting is going to start in the category of the world’s largest banks. According to Bloomberg data, HDFC Bank will reach the fourth position in the world in terms of market capitalization after the merger. Beyond that, only JP Morgan Chase, Industrial and Commercial Bank of China and Bank of America will remain.
Biggest Corporate Deal
HDFC Bank is already one of the largest banks in India before the proposed transaction. Whereas HDFC is the largest mortgage lender in India. HDFC Bank had informed about the merger of HDFC on April 4 last year. This deal is worth about 40 billion dollars. In this way, it is the biggest deal ever in the corporate history of India.
More customers than the population of Germany
The giant company that will emerge after the merger will be valued at $172 billion. The combined asset base of the new company will be around Rs 18 lakh crore. Even in terms of the number of customers, such a record is going to be made, due to which you will be surprised. The number of customers of the new company will be around 120 million, which is more than the total population of Germany, Europe’s largest economy. At the same time, after the merger, the number of branches of the new company will be more than 8,300 and the total number of employees will be around 1.77 lakh.
These big global banks will be left behind
Right now India’s largest bank is public sector SBI. However, from July 1, SBI is going to be left miles behind. HDFC Bank is not only going to leave behind Indian competitors State Bank of India and ICICI Bank, but also big global banks like HSBC Holdings Plc and Citigroup.
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