Mumbai, Feb 27: The Reserve Bank of India (RBI) has approved the merger ofBank of Madura (BoM) with ICICI Bank effective from March 10, 2001.
With this merger, ICICI Bank's combined assets amount to Rs 17,327 crore andtotal deposits amount to Rs 13,460 crore as on December 31, 2000. The mergedentity will have a customer base of over 3 million and a network of morethan 350 branches and 450 ATM centres spread over 100 cities. Said ICICIBank's managing director and CEO, HN Sinor on receipt of the RBI approval:
"This merger will lead to considerable synergies in the operations of themerged entity." ICICI Bank has fixed Wednesday, April 11, 2001 as the`record date' to determine which shareholders of BoM would be entitled toreceive the equity shares of ICICI Bank. The swap ratio has been fixed attwo equity shares of face value of Rs 10 each of ICICI Bank for every equityshare of face value of Rs 10 each of BoM.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.