The merger of HDFC Bank Ltd and Housing Development Finance Corp has created the world’s fourth-largest bank, overtaking behemoths such as HSBC Holdings Plc and Citigroup Inc. The merger has also shifted the standings at home, with HDFC Bank taking the top place, leaving behind its counterparts State Bank of India and ICICI Bank.
ALSO READ: Deepak Parekh steps down as HDFC chairman ahead of its merger with HDFC Bank. Read his full statement to shareholders
Top 10 Banks in India
Here is a table representing banks ranking based on their market capitalization:
Rank Bank Mcap ( ₹crore)
1 HDFC Bank (post-merger) 14,12,055.5
2 ICICI Bank Ltd 6,53,704.04
3 State Bank of India 5,11,201.77
4 Kotak Mahindra Bank Ltd 3,66,967.55
5 Axis Bank Ltd 3,04,211.88
6 Indusind Bank Ltd 1,06,707.03
7 Bank of Baroda 98,436.88
8 IDBI Bank Ltd 59,482.29
9 Punjab National Bank 56,882.91
10 Canara Bank 54,750.45
HDFC-HDFC Bank merger
The HDFC bank entity has around 120 million customers. The huge customer base surpasses the population of countries like Germany. Its branch network will also increase to over 8,300. The entity will have more than 1,77,000 employees as all the HDFC staff below 60 years of age will be absorbed.
The new bank will rank fourth in equity market capitalisation, only behind JP Morgan Chase & Co., Industrial and Commercial Bank of China Ltd. and Bank of America Corp. The homegrown Indian bank will provide a new challenge to the largest American and Chinese lenders.
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