Merger has strengthened HDFC Bank’s pathways for future growth: Chairman Atanu Chakraborty

The merger of HDFC Ltd’s into HDFC Bank has strengthened the private lender’s pathways for future growth and has enhanced its ability to provide a wider spectrum of financial services to its customers, its part-time chairman and independent director Atanu Chakraborty said on Friday.

The amalgamation of erstwhile HDFC Ltd with HDFC Bank, which came into effect from July 1, 2023, remains amongst the largest in the history of corporate India and also the most complex in the financial services sector in the country, Chakraborty said in his address at 30th Annual General Meeting of the private sector lender.

“The bank is now a financial services conglomerate. The successful execution of the merger has significantly enhanced the bank’s ability to serve its existing customers, acquire new customers and provide to our customers a wider spectrum of financial services being offered by various companies of the HDFC Bank group,” he said.

Chakraborty said amidst the geo political uncertainties, the Indian economy has emerged as one of brightest spots in the global macro scenario. India continues to remain the fastest growing major economy.  As against a projected global GDP (gross domestic product) growth rate of 3.2 per cent this year, India is projected to grow in the range of 6.5 to 7 per cent, he said.

Chakraborty praised the recently announced Union Budget and said that it has laid the pathway for the country’s future growth.