Unlike its more profitable private sector rival HDFC Bank, ICICI is ready to sacrifice short-term net for gaining market share, as it did in undercutting HDFC's long-standing lead in mortgage loans. (Overall, ICICI's net interest margin of 2.25% is less than half that of HDFC Bank's 4.72%.) Similarly, ICICI has overtaken Citibank as the country's largest issuer of credit cards, with 8.5 million cards issued to date.

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Also on Saturday, HDFC Bank said in an emailed statement it has appointed accounting and audit firm Deloitte Touche Tohmatsu India Pvt.

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In India, Jain likes HDFC Bank (HDB) and Housing Development Finance Corp, which is traded in Mumbai.

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Among the largest underlying components of ACWX, in trading today HDFC Bank Ltd ( NYSE: HDB) is up about 0.4%, ICICI Bank Ltd ( NYSE: IBN) is up about 1.3%, and Infosys Ltd. ( NASD: INFY) is up by about 0.6%.

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Among the largest underlying components of ACWX, in trading today HDFC Bank Ltd ( NYSE: HDB) is down about 0.8%, ICICI Bank Ltd ( NYSE: IBN) is off about 0.1%, and BanColombia, S.A. ( NYSE: CIB) is up by about 0.1%.

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Among the largest underlying components of AAXJ, in trading today HDFC Bank Ltd ( NYSE: HDB) is up about 2.1%, Infosys Ltd. ( NASD: INFY) is up about 1.5%, and ICICI Bank Ltd ( NYSE: IBN) is higher by about 0.1%.

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But he had the gumption to go relentlessly after it, says Deepak Parekh, chairman of home mortgage company HDFC, which started lending to DLF early in its expansion drive.

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