2877 Investors following Bk Of Rajasthan. Share this News with them.
0
Like this story, share it with millions of investors on M3
RBI approves merger of BOR with ICICI
Bank of Rajasthan finally ceases to exist. As of 13 August, all its branches will be called ICICI Bank. This is after the Reserve Bank of India (RBI) today gave its sanction to the amalgamation, reports CNBC-TV18’s Latha Venkatesh.
Bank of Rajasthan (BOR) finally ceases to exist. As of 13 August, all its branches will be called ICICI Bank . This is after the Reserve Bank of India (RBI) today gave its sanction to the amalgamation, reports CNBC-TV18's Latha Venkatesh.
"All branches of Bank of Rajasthan will function as branches of ICICI Bank with effect from August 13, 2010," RBI said in statement.
In May, after both the banks agreed for the amalgamation and getting the shareholders' approval, they moved the RBI on June 25 for approval of the scheme of merger.
Post regulatory approvals, this would be the third acquisition by ICICI Bank. It acquired Bank of Madura way back in 2001 and Maharashtra-based Sangli Bank was amalgamated with itself in 2007.
