2023: Merger with Housing Development Finance Corp puts the bank in 4th place in the world in terms of capitalization - $172 billion
The Indian company is among the world's most expensive banks for the first time since the merger was completed, becoming a new rival to the largest American and Chinese creditors, who occupy the coveted first places.
The combination of HDFC Bank Ltd. and Housing Development Finance Corp. creates a lender ranked fourth in market capitalization behind JPMorgan Chase & Co, Industrial and Commercial Bank of China and Bank of America Corp, according to Bloomberg. At the end of June 2023, it is estimated at about $172 billion.
The merger is likely to take effect on July 1, 2023, with HDFC Bank's new division having about 120 million customers - more than the German population. It will also increase its branch network to more than 8,300 and will boast a total workforce of more than 177,000 employees.
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