HDFC, Axis and ICICI have common control. Just like the Big4. And the work as a cartel. Initially the fourth leg of the cartel was Citibank which then merged into Axis.
Now the group has started a inter corporate training program just like the Big4 where partners leave one entity to immediately join another. This helps in cross breeding and rapid learning. It is done with the connivance of all involved. It positions the firms well for audit rotation for example. So when an audit moves from one firm to another – the audit team moves to the new audit firm. There is minimal client inconvenience and everyone is happy.
Now Bandhan Bank is expectedly for sale. It is to be welcomed into the family. And players like Kotak and IndusInd have to be kept at bay. So to prepare for the confusion, the Axis CFO is being moved to HDFC as he is well trained in the Citibank playbook. And the Bandhan CFO is being into Axis to prepare for an acquisition of Bandhan.
Alongside, Deepak Parekh who now calls himself the Chairman of the HdFC asset management business has gone to the press buying media space with the narrative that small banks must be consolidated into larger banks and SBI majority shareholding should be sold to foreign investors. Just like was done for CIBIL.
Here’s the current situation:
* In March 2026, reports said that the promoter group, Bandhan Financial Services, was exploring a change of control and had begun the process of hiring an investment bank to evaluate strategic options. Potential buyers were said to include both strategic banks and private equity investors.
* Shortly afterward, Bandhan Bank issued a clarification to the stock exchanges stating that it was not aware of any such development and had received no communication regarding a promoter stake sale or change in control.
* The reports suggest that any transaction, if it happens, would likely involve the promoters’ stake, rather than the bank directly “putting itself up for sale.” Such a transaction would also require regulatory approvals, including from the Reserve Bank of India.
One out of work bureaucrat has been hired on part time basis to get this done as Chairman.
