Indian Bank-Allahabad Bank merger win-win for both, says CEO

Indian Bank-Allahabad Bank merger win-win for both, says CEO

Agency News

Chennai, Sep 3 : Ruling out any branch closure or retrenchment, Indian Bank MD and CEO Ms Padmaja Chunduru on Tuesday said the merger of Indian Bank (Anchor Bank) and Allahabad Bank will prove to be a win-win situation for both the banks.

The merger of both banks would create a robust amalgamated entity with a pan-India presence, she said, in a statement here. She said at present Indian Bank has a strong presence in South India, whereas Allahabad Bank was present in northern and eastern India. 'Further, the merger will lead to the emergence of a strong globally focussed bank with a cumulative experience of over 266 years (Indian Bank is in existence for 112 years while Allahabad Bank is 154-year-old)',she added.

'This will also enable major scaling up of both the banks’ business, due to complementary networks as currently both use the same CBS latform (BaNCS), thereby enabling quick realisation of gains', she said and added that post-merger, it would emerge as the seventh largest PSB with a business of Rs 8.08 lakhs crore (approximately 1.9 times of pre-merged Indian Bank), a nation-wide presence spread over 6,10branches and around 43,000 employees. (UNI)