The largest lender of the country, State Bank of India has said that the merger of its associate banks with itself has many strong prospects.
“The remaining associate five banks are not at all hesitating in merger. They are very eager for it,” State Bank Chairman O P Bhatt said.
The banking major has already merged State Bank of Indore and State Bank of Saurashtra.
Bhatt said that the merger of the remaining banks is definite to take place and the a formal permission needs to be taken from the concerned authorities in this regard. It will take four to five years, said Bhatt.
The merger will be beneficial for both employees as well as customers, he said.
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Tags: Bhatt Favors, Merger
Banking regulator, Reserve Bank of India has finally given approval to the ICICI- Bank of Rajasthan merger. Now all 463 branches of BoR will come under the branch network of the largest private sector bank of the country, ICICI Bank.
“All branches of Bank of Rajasthan will function as branches of ICICI Bank with effect from August 13, 2010,” the RBI said.
ICICI Bank was waiting for this approval. The merger has already received approval of shareholders.
With this acquisition, the branch network of ICICI Bank will see a 25% rise, taking the count to about 2500 pan India. Also, the bank will gain better access and visibility in the northern and western parts of the country.
“I am happy [with the RBI decision]. The synergies will start from tomorrow and integration will be completed this month,” said Pravin Tayal, the promoter of the Bank of Rajasthan.
The merger would be taking the turnover of ICICI Bank to above Rs4,00,000 crore.
This is the third acquisition by ICICI.
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Tags: Merger, Merger Gets