Rally lures India's top bank to do equity deals
MUMBAI: A hot equity market in India is prompting HDFC Bank Ltd to try to muscle in on the action as companies raise record levels of funding.
The government has flooded the market with money in response to one of the world’s worst outbreaks of coronavirus, pushing stocks to dizzying levels and helping companies to boost capital buffers.
Despite being India’s most valuable lender, HDFC Bank so far hasn’t been able to exploit its strong balance sheet to make inroads into this competitive market.
“We will do whatever it takes to reach there – hire more people, grow more people from inside and even enter into partnerships, ” Rakesh Singh, group head of investment banking, private banking, marketing and products at HDFC Bank, said in an interview.
“As we build our distribution network a ...