ICICI-HDFC Merger Almost Happened? Deepak Parekh Shares Surprising Detail
New Delhi: In a surprising revelation, former HDFC chairman Deepak Parekh shared that ex-ICICI Bank CEO Chanda Kochhar had once suggested a merger between ICICI and HDFC—long before HDFC's own reverse merger with HDFC Bank took place. The idea, though never pursued sheds light on what could have been one of the biggest mergers in India's banking history.
In a YouTube video, former HDFC chairman Deepak Parekh recalled a conversation with former ICICI Bank MD & CEO Chanda Kochhar. He said, 'I remember you talking to me once…you said that ICICI started HDFC. 'Why don't you come back home?' That was your offer.'
Parekh shared that he had politely declined the idea, saying, 'It won't be fair or proper with our name and the bank and all.' He also noted that the HDFC-HDFC Bank reverse merger, which was completed in July 2023, was largely driven by regulatory pressures.
Former HDFC chairman Deepak Parekh revealed that the merger with HDFC Bank, completed in July 2023, was largely driven by regulatory pressure. The Reserve Bank of India had classified large NBFCs like HDFC—those with assets exceeding Rs 5 lakh crore as systemically important, crossing the Rs 50,000-crore threshold.
Talking about the RBI's role, Parekh said, 'The RBI supported us and they pushed us into it to some extent and they helped us…there were no concessions, no relief, no time, nothing but they helped us to go through the process and get the approval.'
Speaking about the process, Parekh said, "RBI supported us and they pushed us into it to some extent and they helped us." However, he made it clear there were "no concessions, no relief, no time, nothing." Reflecting on the day the merger was finalized, Parekh described it as "a sad day and a happy day." He added, "It's good for the institution."
Deepak Parekh shared that the RBI played a key role in the HDFC-HDFC Bank merger. "RBI supported us and they pushed us into it to some extent and they helped us," he said. However, he clarified that the process wasn't made easier in any way, adding there were "no concessions, no relief, no time, nothing." Reflecting on the day the merger was completed, Parekh called it "a sad day and a happy day," and added, "It's good for the institution."
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