HDFC Bank was established in 1994 as a subsidiary of the Housing Development Finance Corporation, which was incorporated as HDFC Limited. HDFC Private Bank Ltd is part of HDFC Bank Ltd's retail banking division. Distribution and Private banking are the two business areas that provide private banking and wealth management services. In addition, HDB Financial Services (HDBFS) and HDFC Securities, two HDFC group entities, provide private banking and wealth management services to clients.