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HDFC Bank Gets RBI Nod to Sell 90 Per Cent Stake in HDFC Credila
HDFC Bank Gets RBI Nod to Sell 90 Per Cent Stake in HDFC Credila
HDFC Bank has secured approval from the Reserve Bank of India (RBI) to sell a 90 per cent stake in its subsidiary, HDFC Credila. This development follows an earlier announcement on June 19, 2023, where the bank informed about a definitive agreement signed by erstwhile HDFC Limited to divest 90 per cent of Credila's shares, subject to regulatory approvals from RBI and Competition Commission of India (CCI).
This approval from the RBI clears a major hurdle in the completion of the proposed transaction. HDFC Bank is expected to finalise the sale to the identified acquirers, which remains unnamed in the official announcement. However, previous reports suggest a consortium of private equity firms, BPEA EQT and ChrysCapital, are the potential buyers.
The sale of the stake comes after the merger of HDFC Limited and HDFC Bank in July 2023. As part of the merger agreement, RBI had mandated HDFC to divest its holding in Credila to below 10 per cent within two years. This move aims to address potential conflicts of interest arising from a single entity controlling both a bank and a non-banking financial company (NBFC) like Credila.