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Breakingviews - Mega-merger gives Indian lender new lease on life

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India’s financial sector is poised to have a refurbished champion. HDFC Bank , the country’s largest private lender, is set in July to complete its merger with its parent, partner and 26% shareholder Housing Development Finance Corporation (HDFC) . The institution run by Sashidhar Jagdishan will sport a market value of some $140 billion and become a mortgage giant in a credit-starved market. It’s an enticing prospect for foreign investors, with some big caveats.

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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