MUMBAI: A $64 billion merger of two big Indian lenders is yielding almost no fees to financial advisers, highlighting investment bankers’ struggle for profits in the country.
Housing Development Finance Corp’s all-stock merger into HDFC Bank Ltd, which created one of the most valuable banks in the world, has about 18 advisers who got credit for a fee pool of just over $1 million, according to people familiar with the matter. Morgan Stanley and Bank of America Corp will take the bulk of that pool while the rest will be paid just a token amount, they said, asking not to be identified as the information is not public.
