For the third consecutive year, HDFC Bank has received best domestic bank awards from Finance Asia and Euromoney. The awards have come as a shot in the arm for the bank which is due to hit the ADR market with a $175 million issue next month.
Says Finance Asia, which has ranked the bank as the best domestic commercial bank, "Eventhough it is facing more competition from ICICI Bank, Aditya Puri and his team continue to deliver outstanding results."
It added, "Thanks to its belief in the technology, it has become a market leader in cash management products. And, only 7.4 per cent of its revenue comes from market sensitive revenues such as forex profits and profits from the sale of investments and debt securities."
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Euromoney, in its July issue, has nominated the bank as the best domestic bank. According to Yogesh Rao of Euromoney, the other categories of the Euromoney awards are: best domestic debt house, best merger & acquisition and best equity house .
Finance Asia is yet to announce its awards: best foreign commercial bank, best local equities house, best local currency bond house and best investment bank.
HDFC Bank has already gone in for a silent filing of its ADR issue with the lead managers being Merrill Lynch and Morgan Stanley.