India's HDFC Bank completes $40 billion takeover of the country's largest mortgage lender. Here’s what it means
Publishing timestamp: 2023-07-03 00:07:54
Summary
HDFC Bank has completed its merger with Housing Development Finance Corporation, making it the fourth largest bank in the world. The merger was announced in April last year and took effect on July 1. The new entity now has a market cap of approximately $172 billion and is expected to have a material impact on growth and expanding the client base. The merger will provide access to lower funding costs, operational efficiencies, and a wider distribution network. Analysts believe that more mergers could be seen in the future, and the inclusion of HDFC Bank in the MSCI Emerging Market Index will attract more investors. Shares of HDFC Bank and HDFC have seen positive performance year-to-date.
Sentiment: POSITIVE
Tickers: HDFCBANK-IN, HDFC-IN, RELIANCE-IN,
Keywords: hdfc bank ltd, business news, banks, reliance industries ltd, asia economy, mergers and acquisitions, india, housing development finance corporation ltd,