India: HDFC to be merged with HDFC Bank to create financial giant

India: HDFC to be merged with HDFC Bank to create financial giant

Photo: Pradeep Gaur/Mint

India’s mortgage lender Housing Development Finance Corporation (HDFC) on Monday said its board has approved the merger of its wholly-owned subsidiaries HDFC Investments Limited and HDFC Holdings Limited with HDFC Bank Limited, paving the way for HDFC Bank to build its housing loan portfolio and enhance its existing customer base.