HDFC Bank bags Asian Banker award

HDFC Bank, the country's second-largest private sector after ICICI Bank, has bagged The Asian Banker's best retail bank award for year 2008.

This is the third year in a row that HDFC Bank's retail banking operations in India have been conferred this award for its robust core funding, superior financial performance, sustainability and effective distribution channels amidst a highly challenging environment, the bank said in a statement in Mumbai.

Quoting The Asian Banker magazine, the statement said that for retail financial services, HDFC Bank was not only able to increase its retail asset market share without sacrificing margins but also maintained profitability.

The magazine added that its merger with Centurion Bank of Punjab had transformed HDFC Bank into a sizeable financial powerhouse, having the largest branch network among all private sector banks in the country.