HDFC and HDFC Bank Merger to Commence On July 1, Creating A $168 Billion Financial Powerhouse

HDFC Chairman Deepak Parekh confirmed that the merger between HDFC Corporation and HDFC Bank is scheduled to take effect on July 1.

The boards of HDFC and HDFC Bank will meet after hours on June 30 to proceed with the merger after receiving the required regulatory clearances, according to Deepak Parekh, the chairman of HDFC.

The delisting of HDFC stock will begin on July 13, according to Vice-Chairman and CEO Keki Mistry.

To facilitate the merger, the Reserve Bank of India granted HDFC Bank some regulatory relief in April.

The merger, which is unprecedented in India, will result in the creation of a $168 billion bank and affect tens of millions of shareholders and customers across both enterprises, in addition to group insurance and asset management operations.