BENGALURU -- HDFC, India's largest housing finance company, will fold into the group's banking unit, HDFC Bank, to create a juggernaut. Its loan book will eclipse the combined credit extended by the next two biggest private banks, Axis Bank and ICICI Bank.
Total advances by HDFC Bank on Dec. 31 were 12.6 trillion rupees ($166.8 billion), and HDFC's were 5.2 trillion rupees. In comparison, Axis Bank clocked advances of 6.6 trillion rupees and ICICI Bank 8.1 trillion rupees. The merger will also help HDFC Bank close its gap with India's largest bank, the State Bank of India (SBI). The public-sector lender reported advances of 26.6 trillion rupees on Dec. 31.
