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HDFC-HDFC Bank mega merger: 45 years on, the
homemakers check in
Fifty-five years ago, Hasmukh Thakordas Parekh set up HDFC Ltd, which went on to
become a marquee name in India Inc
“After 45 years of housing finance and nine million homes
provided to Indians, we had to find a home for ourselves. We have
found it within our own family and in our own bank,” said Deepak
Parekh, chairman-HDFC Ltd while announcing
the
long
speculated merger with its offspring, the 28-year-old HDFC Bank.
The “we” that Parekh referred to is a many-million-strong family,
and
includes the housing finance company’s employees,
shareholders, and customers. It’s said that anything more than two
is a crowd, but a lack of togetherness will not be an issue, Parekh
made that clear upfront: “This is a merger of equals.”
It must truly have been an emotional moment for Parekh. Fifty-five
years ago, Hasmukh Thakordas Parekh set up HDFC Ltd, which
went on to become a marquee name in India Inc. His nephew —
the Parekh of our times — had the foresight to set up HDFC
Bank when the first set of private bank licences were issued in the
early 1990s.