HDFC Bank has turned down Mitsubishi UFJ Financial Group’s (MUFG) $2 billion offer to buy a 20% stake in its subsidiary, HDB Financial Services.
Instead, the board supports moving forward with the NBFC unit's listing to align with Reserve Bank of India regulations.This decision comes despite Japanese backing for the deal, aimed at strengthening economic ties between Japan and India. The listing plan is expected to help HDFC Bank meet regulatory requirements and potentially enhance its market position.