HDFC Bank Limited history, company profile (overview) and history video
HDFC Bank Ltd. is a banking and financial services company headquartered in Mumbai, Maharashtra, India.
HISTORY
The company’s origins date back to 1994 when the Housing Development Finance Corporation Limited (HDFC) became one of the first financial institutions in India to receive an “in principle” approval from the Reserve Bank of India (RBI) to set up a bank in the private sector.
HDFC Bank Limited was incorporated in August 1994 and received its banking license in January 1995.
In May 1995, HDFC Bank was listed on the Bombay Stock Exchange (BSE).
In November 1995, HDFC Bank was listed on the National Stock Exchange (NSE).
In 1999, HDFC Bank merged with Times Bank. Times Bank was established by Bennett, Coleman and Company Limited, an Indian media conglomerate also known as The Times Group.
In 2001, HDFC Bank was listed on the New York Stock Exchange (NYSE).
In 2008, HDFC Bank acquired Centurion Bank of Punjab. This acquisition became one of the largest mergers in the financial sector in India.
OPERATIONS
The company operates through the following business segments: Retail Banking, Wholesale Banking, and Treasury.
Retail Banking
The Retail Banking segment offers a diverse range of financial products and banking services to personal customers.
Wholesale Banking
The Wholesale Banking segment provides a wide range of commercial and transactional banking services to businesses and organizations of all sizes. Its services include working capital finance, trade services, transactional services, and cash management.
Treasury
The Treasury segment focuses on three main product areas: foreign exchange and derivatives, local currency money market and debt securities, and equities.
With more than 120,000 employees and over 6,300 branches, HDFC Bank Limited is considered one of India’s largest private banks. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and www.hdfcbank.com.
**Video published on YouTube by “Companies History“.