HDFC Bank Enters $100 Billion MCap Club, Becomes World's 7th Largest Bank - News18
[ad_1]
Last Updated: July 17, 2023, 13:52 IST HDFC Bank Merger: HDFC Ltd, HDFC Bank on Monday joined the exclusive club of companies with a market capitalisation of $100 billion. This makes it the seventh-largest lender globally. Trading at a market value of about $151 billion or Rs 12.38 lakh crore, it is now the world’s seventh largest lender bigger than the likes of giants like Morgan Stanley and Bank of China. HDFC Bank is behind JPMorgan ($438 billion), Bank of America (232 bn), China’s ICBC ($224 bn), Agricultural Bank of China ($171 bn), Wells Fargo ($163 bn) and HSBC ($160 bn). The merger of HDFC Bank and its parent HDFC Ltd was completed on July 1. Today was the first day the bank’s stock started trading as a merged entity. On July 13, the shares of HDFC Ltd were taken off the bourses as July 12 was the record date for determining eligible shareholders for share allotment. On Friday, the bank allotted 3,11,03,96,492 new equity shares of face value Re 1 each to eligible s...