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India’s Top 10 Banks Post HDFC-HDFC Bank Merger

| Published on July 5, 2023

The highly anticipated merger of HDFC Bank Ltd and Housing Development Finance Corp. has brought about a seismic shift in India’s banking sector. Effective from 1st July, this merger has propelled the combined entity into the ranks of the world’s largest banking firms.

With a staggering equity market capitalisation of approximately $172 billion, the merged bank secures its position as the fourth-largest globally, trailing only behind industry giants such as JPMorgan Chase & Co., Industrial and Commercial Bank of China Ltd., and Bank of America Corp.

India's Top 10 Banks Post HDFC-HDFC Bank Merger
Source: Bloomberg

This landmark development has not only solidified the bank’s position but has also sparked curiosity about the other major banks dominating India’s financial landscape.

Let’s take a look at the top 10 banks in the country, based on their market capitalisation.

Top 10 Indian Banks Based on 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 304211.88
6. Indusind Bank Ltd 106707.03
7. Bank of Baroda 98436.88
8. IDBI Bank Ltd 59482.29
9. Punjab National Bank 56882.91
10. Canara Bank 54750.45

Key Points

India's Top 10 Banks Post HDFC-HDFC Bank Merger

  • Post-merger, HDFC Bank’s customer base will reach approximately 120 million.
  • The branch network of the merged entity will expand to over 8,300 branches.
  • The combined workforce of HDFC Bank will exceed 177,000 employees.
  • HDFC Bank will surpass competitors like State Bank of India and ICICI Bank in terms of market capitalization.
  • Shares of HDFC Bank witnessed a continuous rally prior to the merger, reflecting strong investor confidence.
  • JPMorgan is the largest investor in HDFC Bank.
  • The bank’s contingent convertible bonds, considered the riskiest form of debt, have outperformed similar bonds offered by other global banks.

Also Read: HDFC Bank’s New App Faces Backlash On Twitter For Being Down For 7 Days, Sachin Bansal Complains

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