No impact on ratings of ICICI Bk on merger with Sangli Bk

Published on Mon, Dec 11, 2006 at 11:55 |  Source : Moneycontrol.com

Updated at Mon, Dec 11, 2006 at 12:34  

152033 Investors following ICICI Bank. Share this News with them.
0
0
Share on Tumblr

RELATED NEWS

ALSO READ

Standard & Poor's Ratings Services said today that its foreign currency ratings and outlook on ICICI Bank Ltd. (BB+/Positive/B), the second-largest and the largest private-sector bank in India, are not affected by the bank's announcement of its proposed merger with Sangli Bank Ltd. (Sangli Bank).
 
Through the merger, ICICI Bank will acquire Sangli Bank's network of over 190 branches and existing customer base across urban and rural centers, primarily in the Indian states of Maharashtra and Karnataka. This will reinforce ICICI Bank's focus on rural and small enterprise banking operations in the two states.
 
The proposed merger would result in the issuance of additional equity shares of ICICI Bank, equivalent to about 0.4% of its existing issued equity share capital. Sangli Bank is very small in comparison with ICICI Bank, at less than 1% of the latter's total assets. Although the financial profile of Sangli Bank is weak, as evident in its capitalization and profitability, this merger will not have any material impact on ICICI Bank's financial profile.
 
The merger proposal is subject to their respective shareholders' approval and the necessary regulatory approvals. 

 

Sourced From: Standard & Poor's

  

More on Moneycontrol

Trending News

Business News

Next-gen Macbooks may come with Retina display
Will RBI regulation prevent a gold loan bubble? "Will RBI regulation prevent a gold loan bubble?"

Obama On US Budget Proposes Replacing AMT With Buffett Rule

The latest earning numbers FIRST on CNBC-TV18
Videos
Interviews

Feb 13 2012, 22:41 | Source: CNBC-TV18

Govt, TRAI should map solutions for telecom sector: Experts  

Feb 13 2012, 19:27 | Source: CNBC-TV18

'Diverse offerings in power helping to withstand headwinds'  

Subscribe to

Moneycontrol Newsletters

Moneycontrol.com offers you a choice of various sectoral and other newsletters for FREE!

Follow moneycontrol.com