J&K Bank takes over StanChart Srinagar branch

New Delhi, February 4: | Updated: Feb 5 2002, 05:30am hrs
The Jammu & Kashmir Bank has taken over the Srinagar branch of Standard Chartered Grindlays Bank.

It paid a consolidated sum of Rs2 crore for all the assets including land, building and deposits worth Rs 71 crore, sans any liability.

J&K Bank chairman MY Khan and StanChart regional general manager Jaspal Bindra signed the transaction, whereby for the first time in its history Standard Chartered Grindlays Bank has ever sold a branch to another bank. The branch is among the oldest branch in Jammu & Kashmir, going back to 1910.