HDFC Bank and mortgage lender HDFC Ltd to merge

Private lender HDFC Bank will merge with housing finance firm HDFC Ltd, the companies said on Monday.

HDFC said the merger will enable HDFC Bank to build its housing portfolio and expand its customer base. The merger is expected to be completed by Q2 / Q3 of FY24, media reports said.

Deepak Parekh, chairman of HDFC Limited, called the scheme “a merger of equals”.

“This is a fusion of equities. We believe that the business of housing with leaps and bounds is growing through the implementation of RERA, infrastructure status for the housing sector, government initiatives such as affordable housing for everyone, among others. In the last few years, various regulations for banks and harmonize NBFCs, enabling the possible merger.Furthermore, the resulting larger balance would allow the signing of large ticket infrastructure loans, accelerate the rate of credit growth in the economy, stimulate affordable housing and increase the quantity of credit for the priority sector, including credit to the agricultural sector, “Parekh said, according to

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