ICICI Bank's Bid for HDFC: The Unseen Merger Twist
Veteran banker Deepak Parekh revealed ICICI Bank's unsuccessful offer to acquire HDFC Ltd. The former eventually merged with HDFC Bank in July 2023 to become India's largest private sector lender. The merger, primarily urged by the RBI, highlights the necessity of acquisitions for strengthening Indian banks.
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- India
In a recent revelation, veteran banker and former HDFC Ltd chairman, Deepak Parekh, disclosed that ICICI Bank had made an offer to take over HDFC Ltd, which he declined.
The journey saw HDFC Ltd, originally supported by ICICI Ltd, merge with its banking subsidiary, transforming it into India's largest private sector lender as of July 1, 2023. This shift marks a notable phase in the banking sector, largely driven by regulatory pressures.
Deepak Parekh reminisced about an interaction with former ICICI Bank MD and CEO Chanda Kochhar, where the proposal to return 'home' was made. Despite declining, Parekh acknowledged the positive impact of the merger, emphasizing the future strength of Indian banks through acquisitions and RBI's facilitation in this transformative process.
(With inputs from agencies.)
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