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"Aim To Double Every Four Years": HDFC Bank Managing Director After Merger
Having successfully executed the merger with parent HDFC, HDFC Bank's managing director and chief executive, Sashidhar Jagdishan, said on Saturday that the country's largest lender aims to double every four years.
In a letter to the over 4,000 employees from HDFC who joined the bank's rolls on Saturday, Jagdishan said the future is bright and the work on realising the potential of the merger starts now.
"The runway for financial services and mortgages, which are so underserved and under-penetrated, is going to be very large. HDFC Bank, the combined entity, with a large and growing distribution and customer franchise, more than adequate capital, healthy asset quality, and profitability, will be best positioned to capture growth. At the pace at which we aim to grow, we could be creating a new HDFC Bank every 4 years," he said.
HDFC Bank began the day after the merger with a rebranding exercise, wherein it is putting up its colours at all the over 500 branches and offices of HDFC Ltd.
The erstwhile HDFC's corporate headquarters at Ramon House already sports the HDFC Bank branding, and officials estimated that the entire exercise will be over in the next 24 hours.
It can be noted that dedicated teams have been put in place to make the merger as seamless as possible, right since its announcement on April 4 last year. As part of the USD 40 billion all-share deal, the biggest in Indian corporate history, HDFC Bank committed to absorb all the over 4,000 employees of its parent.
"Our work starts today, in realising the potential of what this merger holds for us," Jagdishan wrote.
To realise its growth aims, Jagdishan said the bank will be adding about 1,500 branches every year for some years to better serve the middle class and upper segment of the country.
It will continue investments on the digital front as well, which, Jagdishan said, will make HDFC Bank a 'technology company into banking", and added that the same will get unveiled over the next three years.
The bank will be assessing its people on the basis of how they conduct governance and compliance, teamwork, and their ability to delight customers, he said.
The canvas being offered to the HDFC Ltd employees is large, both professionally and personally, the email said, adding that an external expert was appointed to arrive at the right formula for inducting people into the bank and deciding their role in the hierarchy.
Jagdishan said the cost-to-revenue ratio of HDFC at 0.04 percent was the lowest for any mortgage company in the world, and thanked its leadership, including Deepak Parekh, Keki Mistry, and Renu Karnad, for creating such an institution.
He said that from a customer perspective, the home loan is a very emotional product that establishes a great bond between the financier and borrower, and he added that HDFC Bank would like to harness the same bond.
"The penetration levels of the home loan product in its (HDFC Bank's) customer base and the extent to which the distribution has been leveraged are quite low. This is an opportunity! The runway for growth is going to be large for a long time to come," Jagdishan said.
HDFC Bank will move from a sales management model to a relationship management model because of the opportunity to cross-sell that exists within the franchise after the addition of mortgage finance, insurance, and asset management subsidiaries, Jagdishan said.
"The velocity of product sales and the reduced touch points to serve the customer will be a game changer with this 'power of bundling'," he added.
HDFC Ltd, the parent of the country's largest private sector lender, merged into HDFC Bank on Saturday, with the 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, was driven by a changing regulatory landscape, which limited the advantages of 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 become 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 net worth 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.
With the deal becoming effective, HDFC Bank will be 100 percent owned by public shareholders, and existing shareholders of HDFC will own 41 percent 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, it added.
Besides, July 13 has been fixed for the continuation of warrants issued by HDFC Limited in the name of HDFC Bank.
The board has fixed July 12, 2023, for the transfer of non-convertible debentures and July 7 for the transfer of commercial papers of HDFC Ltd. in the name of HDFC Bank.
The merged entity brings together significant complementarities that exist between both entities and is poised to create meaningful value for various stakeholders, including respective customers, employees, and shareholders of both entities, through increased scale, a comprehensive product offering, balance sheet resiliency, and the ability to drive synergies across revenue opportunities, operating efficiencies, and underwriting efficiencies, a statement said.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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HDFC Bank-HDFC Merger Today Biggest Transaction In History Of India Inc
Housing finance major HDFC will merge with its subsidiary HDFC Bank on Saturday as their respective boards have cleared the proposal on Friday.
Following the reverse merger, the 44-year-old institution HDFC Ltd would cease to exist from July 1 onwards. HDFC Ltd, the country's first home finance company, will lose its identity on Saturday.
"Saturday, July 1, 2023, to be the 'Effective Date' of the composite scheme of amalgamation, on which date the certified order of the NCLT sanctioning the Scheme will be filed by HDFC Investments, HDFC Holdings, HDFC Limited and HDFC Bank with the RoC," HDFC Bank said in a regulatory filing.
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, it added.
Besides, July 13 has been fixed for the continuation of warrants of HDFC Limited in the name of HDFC Bank.
The board has fixed July 12, 2023, for the transfer of non-convertible debentures while July 7 for the transfer of commercial papers of HDFC Ltd in the name of HDFC Bank.
Termed as the biggest transaction in the history of India Inc, HDFC Bank on April 4, 2022, agreed to take over its parent, which is the largest pure-play mortgage lender, in a $40-billion all-stock deal, creating a financial services titan with a combined asset of over Rs 18 lakh crore.
The total business of the merged entity stood at Rs 41 lakh crore at the end of March 2023. With the merger, the net worth 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.
The combined shares of the HDFC twins will have the highest weighting on the indices at close to 14 per cent, much higher than the present index heavyweight Reliance Industries with a 10.4 per cent weightage.
The merger of HDFC Bank and HDFC creates a lender that ranks fourth in equity market capitalisation, behind JP Morgan Chase & Co, Industrial and Commercial Bank of China Ltd (ICBC) and Bank of America Corp, according to data compiled by Bloomberg. It's valued at about $172 billion.
With the deal getting 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.
The merged entity brings together significant complementarities that exist between both entities and is poised to create meaningful value for various stakeholders, including respective customers, employees and shareholders of both entities from increased scale, comprehensive product offering, balance sheet resiliency and ability to drive synergies across revenue opportunities, operating efficiencies and underwriting efficiencies, a statement said.
Speaking on the completion of the merger, HDFC Bank CEO and Managing Director Sashi Jagdishan said the combined strength will enable to create a holistic ecosystem of financial services.
"We're truly happy to welcome the talented team of HDFC Ltd into the HDFC Bank family. I believe our journey will be defined by agility, adaptability, and a relentless pursuit of excellence. As we navigate the path ahead, we will embrace challenges as opportunities, learn from our experiences, and strive to be the benchmark of success and integrity in the financial services industry," he said.
It also marks the transformation of HDFC Bank into a financial services conglomerate that offers a full suite of financial services, from banking to insurance, and mutual funds through its subsidiaries, the bank said.
So far, the bank was a distributor for these products.
The merger of India's largest housing finance company HDFC Ltd with the largest private sector bank in India combines the strengths of a trusted home loan brand with an institution that enjoys a lower cost of funds.
The larger net worth would allow a greater flow of credit into the economy, it said, adding it will also enable the underwriting of larger ticket loans, including infrastructure loans and contribute further to nation-building and employment generation.
All employees of HDFC Ltd as of the effective date become HDFC Bank employees.
Over the past months, the bank has been preparing for smooth integration not only of systems and processes but also of all aspects that will make HDFC Bank a welcoming place of work for the employees from HDFC Ltd.
Post-merger, the key HDFC Bank subsidiaries include 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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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