HDFC Bank , an India-based private sector bank, has completed the merger of HDFC Ltd., with and into HDFC Bank. HDFC Bank and HDFC Ltd.

declared their intention to merge on April 4, 2022, subject to acquiring the necessary consents and permissions, with a time period of 15 to 18 months for the process to be completed. The merged entity, among other things, brings together significant complementarities that exist between the entities and is poised to create meaningful value for various stakeholders, including respective customers, employees, and shareholders, through increased scale, comprehensive product offering, balance sheet resiliency, and the ability to drive synergies across revenue opportunities, operating efficiencies, and underwriting efficiencies. HDFC Bank has no known promoter following the merger.

It also represents the evolution of HDFC Bank into a financial services conglomerate with subsidiaries offering a full range of financial services, from banking to insurance and mutual funds. Previously, the bank served as a distributor for these items. More details about the merger The merger of India's largest housing finance company, HDFC Ltd., with India's largest private sector bank combines the qualities of a known home lending brand with a reduced cost of financing.

The bigger the net worth, the greater the flow of credit into the economy. It will also enable the financing of higher ticket loans, such as infrastructure loans, and will help to nation-building and job creation. As of the effective date, all HDFC Ltd.

workers became HDFC Bank employees. Over the last few months, the Bank has been planning for the seamless integration of not just systems and procedures, but also all factors that would make HDFC Bank a welcome place of work for HDFC Ltd employees. HDFC Securities Ltd., HDB Financial Services Ltd., HDFC Asset Management Co.

Ltd., HDFC ERGO General Insurance Co. Ltd., HDFC Capital Advisors Ltd., and HDFC Life Insurance Co. Ltd.

are the primary HDFC Bank subsidiaries following the merger. HDFC Bank’s development Earlier in 2023, HDFC Bank announced a collaboration with Microsoft to accelerate its digital transformation journey with the use of Microsoft Azure. Following the cooperation, the bank intends to unleash business value by transforming the application portfolio, modernizing the data landscape, and securing the company using Microsoft Cloud.

The bank planned to use Microsoft Azure to consolidate and modernise its corporate data environment via a Federated Data Lake, allowing for the scalability of its information management capabilities across enterprise reporting and advanced analytics utilising artificial intelligence. Backbase was subsequently selected by HDFC Bank to assist them in delivering their goal for a market-leading digital banking experience in India. According to the news release, Backbase enables HDFC Bank's retail banking, enabling a more seamless client experience across digital touchpoints in response to evolving consumer expectations and new regulatory requirements.

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