HDFC Bank to expand its global presence
10 Mar 2008
New Delhi: HDFC Bank, India's second largest private sector bank is planning to strengthen its global presence.
The bank is looking at countries such as Canada and Singapore to expand its branch networks abroad.
The bank has already applied for licenses in Bahrain and Hong Kong and currently having a representative office in Dubai.
To fund the global expansion, HDFC Bank also plans to raise $1 billion (about Rs4,000 crore) from overseas markets. The bank would raise fund through different instruments under the medium-term notes (MTN) program and the first portion of the fund would be raised in the next 3-4 months.
The merger with the country's fourth largest private bank Centurion Bank of Punjab (CBoP) will create the country's largest private sector financial institution in terms of branch network. (Also see: HDFC Bank approves merger share swap ratio of 1: 29 Centurion Bank of Punjab shares)
HDFC Bank's board has already decided their stock swap ratio of 1:29 and the combined entity's network would go up to 1,148 branches.
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