HDFC head calls for consolidation in banking sector
* HDFC head calls for consolidation in banking sector
* Sees commercial property falling 10-15 pct
* Sees housing prices falling 10 pct
By Katie Reid
ST. GALLEN, Switzerland, May 8 (Reuters) - The head of India's Housing Development Finance Corporation Limited (HDFC.BO: Quote, Profile, Research) called on Friday for consolidation in the Indian banking industry.
"In the long run it is advisable that consolidation should happen in both the private and public sector," HDFC Chairman Deepak Parekh told Reuters on the sidelines of the St. Gallen Symposium.
Parekh said there should be a small number of large banks rather than a large number of small banks so that Indian banks could keep up with the growing balance sheets of large Indian companies and play a role in big takeover deals.
HDFC is India's leading mortgage firm and the parent company of HDFC Bank (HDBK.BO: Quote, Profile, Research), India's second-largest private sector lender. Continued...
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