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Business News›Industry›Banking/Finance›Banking›HDFC Bank to keep home loans as
focus of growth strategy post merger - sources



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HDFC BANK TO KEEP HOME LOANS AS FOCUS OF GROWTH STRATEGY POST MERGER - SOURCES

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HDFC Bank to keep home loans as focus of growth strategy post merger - sources
ReutersLast Updated: Jun 09, 2023, 10:58 AM IST
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Synopsis


THE PACE OF GROWTH IN HOME LOANS WILL BROADLY MIRROR GROWTH SEEN IN HDFC'S HOME
LOAN PORTFOLIO, THE FIRST OFFICIAL SAID, DECLINING TO BE IDENTIFIED AS STRATEGY
DISCUSSIONS ARE NOT PUBLIC.

HDFC Bank Ltd will keep home loans at the centre of its growth strategy after a
merger with HDFC Ltd is concluded, with such credit likely to make up nearly a
third of the bank's portfolio going forward, two senior officials at the group
said.

The pace of growth in home loans will broadly mirror growth seen in HDFC's home
loan portfolio, the first official said, declining to be identified as strategy
discussions are not public.



Individual home loans have grown at a compounded annual rate of 16% over the
last five years, according to its investor presentation.

The home loan segment is seen as a steady growth business with low delinquencies
and has seen a boost since the pandemic.



While the share of portfolio will oscillate based on growth in other segments,
the group is comfortable with it staying at current levels, the official said.

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Advertisement: 3:55







"We see home loans as a secured sticky product which can generate sticky
deposits and spur lending into a number of home-related personal loan
categories," the official added.



The merger, announced in April last year and set to conclude in early July, will
see India's largest housing financier merge with the bank it parented in 1994 -
now the country's largest private lender.





Post the deal, HDFC's 7.2 trillion rupee ($87.32 billion) portfolio will be
transferred to the bank and make up about 30% of its overall loan book. This
includes individual housing loans worth 6.02 trillion rupees. The housing loan
business will not function as a separate vertical, but HDFC's front-line staff
will continue to lead growth in that product, while expanding offerings to other
retail loans as well, the second official said.

The first official added that credit decisions for home loans will roll into the
bank's broader credit department.

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HDFC-HDFC Bank merger in 4-5 weeks; bank's margin to drop, say analysts



RUSH OF DEALS
As part of the merger, HDFC's subsidiaries will be transferred to the bank.

HDFC Bank, whose second-largest segment is its banking business, will raise its
stake in the life insurance business from 48.7% to over 50%, and from 49.9% to
over 50% in the general insurance segment.

Both transactions will be concluded before the merger and could happen via the
open market or through bilateral deals, the officials said.

The Reserve Bank of India has also asked HDFC to sell a majority stake in its
education loan arm Credila Financial Services, valued at close to $1.2
billion-1.5 billion, due to an overlap with the bank's business.

While this transaction will not conclude before the merger, negotiations are at
an advanced stage, the second person said.

HDB Financial, HDFC Bank's non-bank lending arm, will continue as a separate
entity and move towards a listing before 2025, the first official said.

Post the merger, foreign shareholding in the combined entity is seen at about
60%-62%, the first person said.

This could allow the bank to be added into the MSCI index for the first time
since 2013, potentially bringing in foreign inflows into the bank.



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