Will the HDFC merger live up to its promise?
- Making the mega-merger work involves complex moves. Here’s the inside story
- On 1 July, private lender HDFC Bank and its mortgage-financier parent HDFC will merge in one of the largest M&A deals of all time in India
Mumbai: The year was 1993. The management of mortgage lender Housing Development Finance Corp. Ltd (HDFC) had just received approval to set up a bank and was in two minds about what to call the new entity. They thought about calling it First City Bank. And they thought about calling it Bank of Bombay. But eventually, after the man who was to head it put his foot down, they called it HDFC Bank. A bank by any other name, he pointed out, would never be just as neat.