Top Indian Banks by Market Capitalisation
India’s banking sector is set to witness a major transformation with the merger of HDFC Bank Ltd and Housing Development Finance Corp. The merger, effective from 1 July, will create one of the world’s top banking firms with a market capitalization of about $172 billion, ranking fourth globally.
The new entity, HDFC-HDFC Bank, will have a customer base exceeding 120 million, surpassing the population of countries like Germany. With a branch network of over 8,300 and a workforce of more than 1,77,000 employees, the merged bank is poised to become a formidable player in the global banking landscape.
The merger has already had a positive impact on the market, with shares of HDFC twin rallying in the past months. Investor confidence in the bank is high, with JPMorgan being its largest investor. Additionally, the bank’s contingent convertible bonds have outperformed its global peers, signaling strong financial health and stability.
In terms of market capitalization, the new HDFC Bank entity will outshine its peer banks like State Bank of India and ICICI Bank. This move solidifies India’s position in the global banking sector and highlights the country’s growing influence in the financial world.
As the merger takes effect, all eyes are on HDFC-HDFC Bank to see how it will leverage its newfound strength and resources to drive innovation and growth in the banking industry.