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Business Economy


Indian Bank board approves Allahabad Bank merger

Chennai, Sep 18 (UNI) The Board meeting of the public sector
on Wednesday gave its in principle approval for the merger of
Allahabad Bank with it.
The Board meeting was held in New Delhi today, a bank release
here said.
''The board meeting of Indian Bank was convened today at New
Delhi, inter alia to discuss amalgamation of Allahabad Bank into
Indian Bank. The Board after deliberations conveyed its in principle
approval for the Amalgamation of Allahabad Bank with Indian Bank'',
it said.
The Board also took on record the proposed infusion of capital
by the Union Government up to Rs 5,000 crore in the bank and
issue of shares in favour of the government by way of Preferential
Issue.
Post Amalgamation, the combined entity will have 6100-plus
branches across the country and overseas presence in three
countries.
The business after amalgamation will be over Rs eight lakh
crore contributed by a strong workforce of more than 40,000
staff.
The renowned Chennai based midsized bank, hitherto having a
strong presence in southern states and Maharashtra, expects
to spread its wings across central and eastern parts of India,
where Allahabad Bank has got a strong presence, the release
said.
UNI GV 1910
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