Merger with home loan major HDFC to take 8-10 months more: HDFC Bank

HDFC Bank expects to amalgamate its home loan major parent HDFC into itself by September next year, a top official said on Friday.
Both HDFC and HDFC Bank held general meetings on Friday to seek shareholder approvals for what is billed as the largest merger in Indian corporate history at over USD 40 billion.
At the time of announcing the merger on April 4 this year, the entities had said the merger will take 12-18 months.
“We believe going by the past practice and going by past trends, it will take about 8-10 months time before an effective date is announced,” HDFC Bank’s chief executive and managing director Sashidharan Jagdishan said at the meeting.
The merger will help expand the capital adequacy ratio of the merged entity by 0.20-0.30 per cent, courtesy the healthy capital adequacy of HDFC Ltd, he added.
Given the fact that bank deposits have to comply with mandatory cash reserve ratio and statutory liquidity ratio requirements, many shareholders at both meetings showed keenne