Merger of HDFC Investments with HDFC Bank

26 Apr 2023 CW Team

On Monday, HDFC Bank announced that the MAS in Singapore has approved the merger of HDFC Investments and HDFC Holdings with their parent company, HDFC Ltd. Griha Pte, a wholly-owned subsidiary of HDFC Investments and a foreign step-down subsidiary of HDFC Ltd, gained clearance for the merger with HDFC Bank as part of a composite scheme of amalgamation.

The merger of HDFC with HDFC Bank, which is anticipated to be completed by the third quarter of this fiscal year, will benefit from this clearance.

On April 4 of last year, HDFC Bank agreed to acquire the largest domestic mortgage lender in a deal valued at around USD 40 billion, establishing a financial services colossus in what was dubbed the largest transaction in India's corporate history.

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