Canara Bank’s board of directors, on Friday Sep 13,2019, gave the in-principle approval for amalgamation of the bank with Syndicate Bank.
The in-principle approval for amalgamation of the two public sector banks (PSBs) is as advised by the Alternative Mechanism of Government of India (GoI) to commence the process of amalgamation, subject to applicable approvals, the bank said in a stock exchange notice
The amalgamation of Bengaluru-headquartered Canara Bank and Manipal-headquartered Syndicate Bank will create India’s fourth-largest PSB with business (deposits and advances) of ₹15.20-lakh crore and the third-largest branch network (10,342 branches)
Individually, Canara Bank and Syndicate Bank have total business of ₹10,43,249 crore and ₹4,77,046 crore, respectively. The combined entity will have 89,885 employees – Canara Bank (58,350) and Syndicate Bank (31,535)
The in-principle approval for amalgamation of the two public sector banks (PSBs) is as advised by the Alternative Mechanism of Government of India (GoI) to commence the process of amalgamation, subject to applicable approvals, the bank said in a stock exchange notice
The amalgamation of Bengaluru-headquartered Canara Bank and Manipal-headquartered Syndicate Bank will create India’s fourth-largest PSB with business (deposits and advances) of ₹15.20-lakh crore and the third-largest branch network (10,342 branches)
Individually, Canara Bank and Syndicate Bank have total business of ₹10,43,249 crore and ₹4,77,046 crore, respectively. The combined entity will have 89,885 employees – Canara Bank (58,350) and Syndicate Bank (31,535)
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