Monica Malik Instagram – 👉HDFC, India’s largest housing finance provider, has merged with HDFC Bank, the country’s largest private sector lender, creating the world’s fourth-largest bank by market capitalization.
👉The merger became effective on July 1, 2023, resulting in a combined balance sheet of nearly Rs. 17.87 lakh crores. HDFC Bank will now be almost twice the size of ICICI Bank.
👉 The merger also impacts loan accounts, with HDFC customers’ accounts being transferred to HDFC Bank, but their loan details and login credentials will remain unchanged.
👉Shareholders of HDFC will receive 42 new HDFC Bank shares for every 25 shares they held in HDFC.
👉As a result of the merger, LTIMindtree will replace HDFC on the Nifty 50 mainboard on July 13, 2023, and is expected to receive significant inflows.
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