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HDFC-HDFC Bank merger to offer synergy for future growth
July 20, 2023
HDFC Bank on July 19 listed the benefits of the bank’s merger with parent Housing Development Finance Corporation (HDFC) saying multiple synergies will work in favour of the merged entity to grow further.
In his message to shareholders, Chakraborty listed the benefits of the merger such as increased scale, comprehensive product offering, balance sheet resilience, and the ability to drive synergies. “This would enable the Bank to serve its customers in a significantly enhanced way with a bouquet of financial services,” Chakraborty added.
The entities have formed an integration committee that has been working on various streams across businesses, IT, HR, Risk Management, Operations, Compliance, etc. to make the merger seamless and effective, Chakraborty said.
“We are also putting in place the strategy to ensure that the financial conglomerate that has emerged has in place adequate systems and processes to ensure adherence to the various regulatory regimes and a governance framework for meeting group-wide compliance and risk management objectives,” said Chakraborty in his message.
Post-merger, the loan book or advances of the merged entity jumped by 38.77 percent to ₹22.21 lakh crore as against 16 lakh crore as on March 31, as per the investor presentation of the bank.
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