HDFC Bank becomes the fourth most valuable bank in the world
After the merger with Housing Development Finance Corp is completed on July 1, 2023, HDFC will become the fourth largest bank in the world in terms of equity market capitalization with a valuation of around $172 billion.
The tie-up makes HDFC Bank the fourth largest lender behind JPMorgan Chase & Co, Industrial and Commercial Bank of China, and Bank of America Corp, according to data compiled by Bloomberg.
With the merger taking effect from July 1, the new HDFC Bank entity will have around 120 million customers. It will expand its branch network to over 8,300 and boasts of a total employee strength of over 1,77,000.
The tremendous growth of HDFC has put it ahead of well-known international banks like HSBC Holdings Plc and Citigroup Inc. Notably, it has also surpassed its Indian counterparts, State Bank of India and ICICI Bank, in terms of market capitalization at $62 billion and $79 billion respectively.
HDFC bank
It was one of the first banks to receive approval from the Reserve Bank of India (RBI) to set up a private sector bank in August 1994. Its headquarter is in Mumbai.
As on March 31, 2023, the Bank had a nationwide distribution network of 7,821 branches and 19,727 ATMs/Cash Deposit and Withdrawal Machines (CDMs) in 3,811
cities/towns.
