Former HDFC chairman Deepak Parekh has made a big disclosure. He has said that ICICI Bank once tried to acquire HDFC. However, his proposal was rejected. He has told about this in a conversation with ICICI Bank’s former MD and CEO Chanda Kochhar. This conversation has been released on YouTube. He told Kochhar that I remember you talked to me once.
Parekh told what was said to him
Parekh said, “I remember you once talked to me … You said that ICICI started HDFC. Why don’t you come back? It was your offer.” Parekh has said that he turned down this offer. He said in his reply, “Doing so would not be good for my name and company name and other things.” Many years later it was decided to merge HDFC Ltd in HDFC Bank. The process was completed in July 2023.
The real reason for the merger of HDFC was this
Describing the reason for the merger of HDFC at HDFC Bank, Parekh said that this happened due to the pressure of the regulator. He said, “RBI stated pressure on us. He inspired us to take some steps to some extent. He helped us … We did not get any concession, no relief, no extra time. Nothing. Nothing. But he helped to pursue the process and applied.” He described this merger as better for the institute. He said that this is the right time for big banks in the country.
HDFC becomes the largest private bank in the country after merger
After the merger of HDFC, HDFC Bank has become the largest bank in the private sector. The merger came into effect on 1 July 2023. After this merger, HDFC LTD’s name became part of history after 44 years. It is fun to know that HDFC Bank was helped by former ICICI LTD. ICICI LTD was the parent company of today’s ICICI Bank. HDFC Bank and ICICI Bank have the biggest hand in changing the picture of private banking in India.
