HDFC Bank: A Trajectory of Growth and Consolidation HDFC Bank, incorporated in 1994 as a subsidiary of HDFC Ltd, commenced operations in January 1995. Its journey reflects the liberalization of the Indian banking sector, marked by its early success and strategic acquisitions. The merger with Times Bank in 2000, India's first voluntary bank merger, significantly expanded its reach. Further growth was propelled by its 2001 New York Stock Exchange listing and the 2008 acquisition of Centurion Bank of Punjab, then the largest in the Indian financial sector. Recent years have witnessed aggressive expansion. A 9.99% stake acquisition in Ferbine in 2021, a Tata Group entity focused on retail payment systems, broadened its digital footprint. The landmark merger with HDFC Ltd, completed in July 2023, represents India's largest ever M&A deal. This integration transferred HDFC Ltd's home loan portfolio to HDFC Bank and provided depositors with options for deposit renewal or withdrawal. The resulting entity boasts a market capitalization of $154 billion, ranking it among the world's top seven most valuable banks and within the top 100 globally by total assets. With a customer base exceeding 120 million and a workforce of 177,000 employees, across 8,300 branches, HDFC Bank now stands as India's second-largest bank, only surpassed by the State Bank of India. The merger led to the delisting of HDFC Ltd shares, with shareholders receiving HDFC Bank shares in exchange, increasing the latter's equity capital.