HDFC Bank Commences Rebranding Of HDFC Ltd Offices, Branches In Post-Merger Integration

HDFC Bank has recently embarked on a comprehensive rebranding initiative for HDFC Ltd offices and branches following their merger, , PTI reported.

According to officials, the process of rebranding commenced on Saturday morning, and it entailed applying the distinctive HDFC Bank look to all 500 offices and branches of the home loan major.

They added that one of the locations where the branding has already changed is HDFC Ltd's corporate headquarters at Ramon House. The complete process of updating the look at HDFC Ltd offices and branches is expected to take roughly 24 hours, they said.

The boards of both organisations approved the first plan, which was initially presented on April 4 of last year, and HDFC Ltd, the parent company of the largest private lender in the nation, merged with HDFC Bank on Saturday. 44 years after its founding, HDFC Ltd., the largest pure-play home lender, goes out of business. Later in the evening, managing director and chief executive of the HDFC Bank Sashidhar Jagdishan is scheduled to give a townhall speech. Following the merger, HDFC Bank now employs more than 3,500 former HDFC workers.

The USD 40 billion merger, the biggest deal of its kind in Indian corporate history, was motivated by shifting regulatory conditions that reduced the benefits of HDFC remaining as a non-bank lending entity.

After the merger, HDFC Bank will surpass state-owned SBI in terms of asset size and move up to the fourth-most valuable lender in the world, closing the gap.

The combined total revenue was Rs 41 lakh crore and a net worth of more than Rs. 4.14 lakh crore at the end of March 2023.

At the end of March 2023, both companies had a total profit of roughly Rs 60,000 crore.

When the agreement becomes operative, existing HDFC shareholders will own 41% of the bank, making public shareholders the sole owners of HDFC Bank. For each 25 HDFC shares that an investor has, they will receive 42 HDFC Bank shares.

The board of directors of HDFC Bank, in collaboration with the board of directors of HDFC Limited, announced that the date of July 13, 2023, had been chosen. This date will be used to identify HDFC Ltd shareholders who will be issued and allocated HDFC Bank shares.

The continuation of HDFC Limited's warrants issued in the name of HDFC Bank has also been scheduled for July 13.