will remain the country’s largest lender. However, the share of mortgages in HDFC Bank’s portfolio will rise close to 30%, compared to SBI’s 20%. That will make Indian homebuyers the bank’s primary customer. With fewer than a
trades on a higher multiple, at 4 times. Such institutions are a favoured way to invest in the Indian growth story; foreigners currently own 66% of the bank, and regulations cap overseas shareholdings at 74%, implying room to buy into the larger entity.
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