Mortgage lender HDFC announces merger with HDFC bank : Rashtra News
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The merger is subject to regulatory approvals from the RBI and other regulatory authorities.
As on date, HDFC has total assets of Rs 6.23 lakh crore while HDFC Bank has assets worth Rs 19.38 lakh crore.
As per an exchange filing the proposed transaction will help leverage and create meaningful value for various stakeholders. It is also expected to benefit from increased scale, comprehensive product offering, balance sheet resiliency and the ability to drive synergies across revenue opportunities, operating efficiencies and underwriting efficiencies.
HDFC Bank has a large customer base of 6.8 crore and a well-diversified low cost funding base for growing the long tenor loan book.
“A combination of the Corporation and HDFC Bank is entirely complementary to, and enhances the value proposition of HDFC Bank”, HDFC said in a regulatory filing. “HDFC Bank would benefit from a larger balance sheet and networth which would allow underwriting of larger ticket loans and also enable a greater flow of credit into the Indian economy.”
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( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)
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