ICICI Bank's Surprise Offer to Acquire HDFC Ltd Disclosed

Deal News | Jun 21, 2025 | EIN

The article discusses an unpublished offer from ICICI Bank to acquire HDFC Ltd before its reverse merger. Former HDFC Ltd chairman Deepak Parekh unveiled this previously confidential bid by ICICI Bank aimed at absorbing HDFC Ltd, which was refused. The narrative captures the transformation of HDFC Ltd as it merged with its banking subsidiary on July 1, 2023, thus becoming the largest private sector lender in India. Parekh highlights a past meeting with ex-ICICI Bank MD and CEO Chanda Kochhar regarding the proposal. He reflects on the broader regulatory pressures within the industry, pointing to the supportive role of the RBI in shaping this merger. Although the acquisition bid was denied, Parekh acknowledges the positive impact of the HDFC-ICICI historical merger on the strengthening of Indian banks' consolidation pathways.

Sectors

Banking
Financial Services

Geography

India – Both ICICI Bank and HDFC Ltd are Indian companies, making the acquisition offer and subsequent merger significant to India's banking and financial services landscape.

Industry

Banking – The article centers around ICICI Bank and HDFC Ltd, both key players in the banking industry, focusing on past merger offers and sector transformation.
Financial Services – The entities involved, ICICI Bank and HDFC Ltd, offer a range of financial services. This acquisition offers insights into strategic maneuvers within the financial services sector.

Financials

Participants

Name	Role	Type	Description
ICICI Bank	Acquirer	Company	An Indian multinational bank and financial services company that attempted to acquire HDFC Ltd.
HDFC Ltd	Target	Company	Initially a housing finance company, it merged with its banking subsidiary to become India's largest private sector bank.
Deepak Parekh	Former Chairman HDFC Ltd	Person	Former chairman of HDFC Ltd who disclosed ICICI Bank's acquisition offer.
Chanda Kochhar	Former MD and CEO ICICI Bank	Person	Ex-ICICI Bank MD and CEO involved in meetings with Deepak Parekh regarding the acquisition.
RBI (Reserve Bank of India)	Regulatory Body	Government	India's central banking institution, facilitating transformative processes in the banking sector.