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Days after HDFC bank merged with HDFC LTD, the lender has entered $100 billion market valuation companies' club, becoming the 7th largest lender in the world

HDFC bank crosses $100 billion market-cap post merger; becomes world's 7th largest lender 

Days after HDFC bank merged with HDFC LTD, the lender has entered $100 billion market valuation companies' club, becoming the 7th largest lender in the world

India's largest private sector lender HDFC bank's market capitalisation touched $151 billion, becoming the 7th largest lender in the world. This comes days after HDFC Ltd merged with it, in a $40 billion deal.
HDFC bank has now joined the exclusive club of companies with a market capitalisation of $100 billion. With a valuation of $151 billion, the bank is now bigger than Morgan Stanley, Goldman Sachs and Bank of China.
Meanwhile, brokerage Jefferies has forecasted a profit CAGR of 17% over FY23-26, ROA of 1.9% &amp; ROE of 16% in FY25. The brokerage has also resumed coverage on HDFC bank with a BUY rating and a target price of Rs 2,100.
The shares of HDFC LTD stopped trading on the share market on 13th July since July 12 was the record date for determining eligible shareholders for share allotment.
On Friday, the bank allotted over 3 billion new equity shares of face value Rs 1 - where every HDFC shareholder got 42 shares of HDFC Bank for every 25 shares they held in the company. By this the paid-up share capital of the bank increased to over 7 billion shares.&nbsp;
In terms of market value on the BSE, HDFC Bank is the third largest Indian company that follows Reliance and TCS.&nbsp;
Meanwhile, HDFC bank reported a 30% jump in its net profit to Rs 11,952 crore for the first quarter of FY24. The net revenue grew 26.9% to Rs 32,829 crore. The net interest income too jumped 21.1% to Rs 23,599 crore.
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HDFC, HDFC Bank merger has created the world's fourth largest bank in the world after JP Morgan Chase & Co, Industrial and Commercial Bank of China Ltd (ICBC) and Bank of America Corp

HDFC bank shares close at ₹1,644 a piece on its first day of trading as the merged entity

HDFC, HDFC Bank merger has created the world's fourth largest bank in the world after JP Morgan Chase &amp; Co, Industrial and Commercial Bank of China Ltd (ICBC) and Bank of America Corp

Thursday marked the first day of trading for the new financial services behemoth - HDFC Bank - after HDFC Ltd merged with the bank. Shares of HDFC Bank, the merged entity, closed&nbsp; 0.71% higher at ₹1,644.
With HDFC shares getting converted into HDFC Bank, the latter has become the most heavyweight stock on Nifty with about 14.43 percent weight.&nbsp;
The merger was effective July 1st. While the last date of trading of shares of HDFC was July 12th.&nbsp; Existing shareholders of HDFC now own about 41 per cent stake in HDFC Bank. Every HDFC shareholder gets 42 shares of HDFC Bank for every 25 shares they hold. &nbsp; In fact, the HDFC, HDFC Bank merger created the world's fourth largest bank of the world after JP Morgan Chase &amp; Co, Industrial and Commercial Bank of China Ltd (ICBC) and Bank of America Corp
On its last day of trading, shares of HDFC Ltd closed at Rs 2,729.95 apiece, down 0.62 per cent. Following this, shares of HDFC ceased to exist after 45 years.&nbsp;

Parekh earlier this week had said that June 30 will be his last working day after spending 46 years at the Corporation and when asked what he will do after the board meeting, he jokingly quipped. "I will have a few drinks" 

HDFC merger: Former chairman Deepak Parekh's offer letter goes viral, his first salary was...

Parekh earlier this week had said that June 30 will be his last working day after spending 46 years at the Corporation and when asked what he will do after the board meeting, he jokingly quipped. "I will have a few drinks"&nbsp;

As HDFC bank and its merger with HDFC make the headlines in the last few weeks, its chairman Deepak Parekh resigned and shared an emotional note with employees. In the letter, Mr Parekh said it was "time to hang my boots".&nbsp;
Soon, a post claiming to be Parekh&rsquo;s first offer letter at HDFC went viral. Dating back to July 19, 1978, the letter details Parekh&rsquo;s salary and terms of the employment contract. However, an offer letter dated July 19, 1978 has surfaced online, which reveals Parekh salary details when he joined HDFC 45 years ago! Parekh joined his uncle&rsquo;s firm HDFC Limited as a Deputy General Manager in 1978. According to the offer letter, Parekh was offered a basic salary of ₹3,500 plus ₹500 as a fixed Dearness Allowance. He was also entitled to 15 per cent Housing Rent Allowance and a City Compensatory Allowance at 10 per cent.
The 78-year-old, who joined his uncle&rsquo;s firm, was also offered the corporation's Provident Fund, gratuity, medical benefits, leave travel facilities, and reimbursement of residential phone expenses.
HDFC Bank and HDFC merger
HDFC Ltd, the parent of the country's largest private sector lender, merged into HDFC Bank on July 1st, with boards of both entities clearing the plan first presented on April 4 last year. HDFC Ltd, the largest pure-play home financier, ceases to exist 44 years after it was founded.
The USD 40-billion merger, the largest such deal in Indian corporate history, is driven by a changing regulatory landscape, which limited the advantages for HDFC continuing as a non-bank lending entity.
Post-merger, HDFC Bank will become the fourth most valued lender in the world, and narrow the gap by asset size with state-owned SBI to be the second largest Indian bank.
The total business of the merged entity stood at Rs 41 lakh crore at the end of March 2023. With the merger, the networth of the entity would be over Rs 4.14 lakh crore.
The combined profit of both entities was to the tune of about Rs 60,000 crore at the end of March 2023.

HDFC Bank shares hits new high on first trading day after the merger. HDFC becomes 4th largest banks in the World by Market Cap; Here's the list of World and India top 10 banks..

HDFC Merger: HDFC becomes 4th largest banks in the World by Market Cap; Here's the list of World & India Top 10 Banks

HDFC Bank shares hits new high on first trading day post completion of merger with HDFC

<h2>Foreign brokerage Morgan Stanley is of the view that the HDFC Bank stock is a compounder at attractive valuations.&nbsp;</h2>

On the first trading day after the HDFC-HDFC Bank merger became effective on the 1st of July, HDFC Bank shares spiked to hit a new high.&nbsp;
With the merger coming into effect, HDFC Bank will be 100% owned by public shareholders. Existing shareholders of HDFC will own 41% of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.
The board of directors of HDFC Bank in consultation with the board of directors of HDFC Limited has fixed July 13, 2023, for determining the shareholders of HDFC Ltd who would be issued and allotted the shares of HDFC Bank.&nbsp;
Foreign brokerage Morgan Stanley believes that the HDFC bank stock is a compounder at attractive valuations.&nbsp;
"The merger is synergistic. HDFC Bank gets access to secured and long tenor retail mortgage product as well as a large customer base. Its product suite &ndash; plus direct access to insurance and other subs &ndash; and geographical reach are superior to those of most private banks", says the brokerage report.&nbsp;
<h3>HDC Bank becomes the 4th largest Banks in World</h3>
HDFC Bank is now ranked at the fourth position in terms of market cap, behind the likes of JPMorgan, Industrial and Commercial Bank of China, and Bank of America Corp,&nbsp; according to data compiled by Bloomberg.&nbsp;
<h3>Top 10 Largest bank in the world by market cap (Value in $)</h3>
<ol>
<li>JP Morgan Chase $416.5 B - USA</li>
<li>ICBC $228 B - China</li>
<li>Bank of America $227.7 B - USA</li>
<li>HDFC (After Merger) $171.8 B - India</li>
<li>Agricultural Bank of China $168.9 B - China</li>
<li>China Construction Bank $162.8 B - China</li>
<li>HSBC $156.6 B - UK</li>
<li>Wells Fargo $156.2 B - USA</li>
<li>Bank of China $147.3 B - China</li>
<li>Morgan Stanley $144.2 B - USA</li>
</ol>
<h3>Top 10 Banks in India by Market Cap (Value in ₹)</h3>
Let's also look at largest banks in India in terms of market capitalisation.
<ol>
<li>HDFC Bank (post merger) &nbsp; &nbsp;- 14,12,055.5</li>
<li>ICICI Bank Ltd &nbsp; &nbsp;- 6,53,704.04</li>
<li>State Bank of India - 5,11,201.77</li>
<li>Kotak Mahindra Bank Ltd &nbsp; &nbsp; - 3,66,967.55</li>
<li>Axis Bank Ltd - 304211.88</li>
<li>Indusind Bank Ltd - 106707.03</li>
<li>Bank of Baroda - 98436.88</li>
<li>IDBI Bank Ltd - 59482.29</li>
<li>Punjab National Bank - 56882.91</li>
<li>Canara Bank - 54750.45</li>
</ol>

The stock delisting of the combined HDFC and HDFC bank will be effective from 13th July and will have a combined asset base of around Rs 18 lakh crore

Merger of HDFC with HDFC Bank effective from July 1: HDFC chairman Deepak Parekh

The stock delisting of the combined HDFC and HDFC bank will be effective from 13th July and will have a combined asset base of around Rs 18 lakh crore

The merger of housing finance major HDFC with the country's largest private lender HDFC Bank will be effective from July 1, HDFC Chairman Deepak Parekh said on Tuesday. The boards of HDFC and the private bank will meet on June 30 post market hours to clear and approve the merger, Parekh told reporters here.
The merger of the corporation with HDFC Bank will be effective July 1, Parekh said.
HDFC vice-chairman and CEO Keki Mistry said that the stock delisting of the corporation will be effective from July 13.
Termed as the biggest transaction in India's corporate history, HDFC Bank on April 4 last year agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.
The proposed entity will have a combined asset base of around Rs 18 lakh crore.
Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank.
Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.&nbsp;
Meanwhile, HDFC ltd's shares jumped 1.33% and was trading at Rs 2,756.60 at 3.30 pm on 27 June after the announcement was made.&nbsp; The shares of HDFC bank jumped 1.39% and traded at Rs 1,658.25.&nbsp;&nbsp;

hdfc merger

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