HDFC Bank proposes to double its network of branches in the next three to five years by adding 1,500 to 2,000 branches annually, which would have the objective of adding a new HDFC Bank every five years, said its managing director and CEO Sashidhar Jagdishan.
Providing justification for merger of HDFC with the HDFC Bank in his letter to shareholders in the annual report 2021-22, Jagdishan said: “The proposed merger adds an entirely different dimension to the future. We believe that the runway is huge, and we can potentially add an HDFC Bank every five years.”
He also said that the bank envisions to nearly double its network of branches in the next three to five years by opening 1,500 to 2,000 branches every year. Currently it has over 6,000 branches across India.
“The density of branches for the population of this country is way below that of OECD countries. This is where our branch banking strategy comes in. Today we have 6,000-plus branches across India, and we plan to nearly double our network in the next three to five years by opening 1,500 to 2,000 branches every year,” he said.
This year in April, the Housing Development Finance Corporation (HDFC) and its subsidiary HDFC Bank had announced a transformational merger, which is anticipated to be completed in about 15 to 18 months. Christening the merger as the ‘Power of One’, Jagdishan said the bank looks forward to the phenomenal set of talent, deep product knowledge and expertise, the processes, and system that the lender will add to the existing ones.