India’s HDFC Bank Adds Mortgage Lender in $60 Billion Deal
- Shares of both stocks soar after merger announcement
- HDFC Bank is India’s largest private bank; HDFC top financier
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India’s most valuable bank agreed to take over the country’s largest mortgage lender in a deal valued at about $60 billion to ride a boom in home loans and consumer spending in the world’s fastest-growing major economy.
HDFC Bank Ltd. is making an all-stock offer for 100% of Housing Development Finance Corp., which offers loans to more than half the home buyers in a country of 1.4 billion people. The transaction is the second-largest in the world this year.