Deepak

In a recent revelation, Deepak Parekh, former chairman of HDFC Ltd, disclosed that former ICICI Bank CEO, Chanda Kochhar, had once proposed a merger between ICICI Bank and HDFC Ltd. This proposal was never publicly discussed, made years before the eventual merger of HDFC with its banking arm. Parekh shared this during a conversation on Kochhar's YouTube channel, recounting how Kochhar suggested HDFC 'come back home' to its financial roots at ICICI. Parekh declined, citing complications with the names and institutions involved. The HDFC-HDFC Bank merger, completed in July 2023, was largely driven by regulatory pressures with the support of the Reserve Bank of India (RBI). Although the RBI aided the merger process, no concessions were made. The deal was kept confidential until officially announced, surprising many in the banking sector. Parekh described the completed merger as both a sad and happy occasion, highlighting the necessity for Indian banks to grow through acquisitions to maintain competitive strength.