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HDFC announces a new chapter post the merger in a TOI print ad
The twin entities HDFC Bank and mortgage lender Housing Development Finance Corporation (HDFC) merged on July 1st, creating a bank worth $157 billion.
HDFC took to TOI newspaper to announce the company’s new chapter post the merger. In a full front-page ad, the company put together the erstwhile identities of the twin entities HDFC Bank and mortgage lender Housing Development Finance Corporation (HDFC).
The merger of the two companies was announced in April last year but was finally closed on July 1st, this year. The combined entity is worth $157 billion, as per Reuters.
The print ad appears to be an effort to drive awareness about the merger, potentially because for over two decades, the consumers have considered the two groups as the same, as per Ravi Santhanam, chief marketing officer, HDFC Bank.
The shares of India’s HDFC Bank hit a record high on Monday, after the completion of the $40 billion merger. The new numbers have placed the company among the top 10 banks in the world.