HDFC Bank: The Clouds Are Finally Clearing (Rating Upgrade)

Group 1 - The newly formed HDFC Bank has become India's largest private sector banking group by assets following its merger with its parent company HDFC [1] - The merger includes subsidiaries in insurance, brokerage, and asset management, indicating a diversified financial services approach [1] - There is a cautionary note that big mergers are not always accretive, suggesting potential challenges or risks associated with the merger [1]