Merger of Indian Bank, Allahabad Bank to be a robust entity: MD & CEO Indian Bank
pns n Chennai
The merger of Indian Bank (Anchor Bank) and Allahabad Bank will create a robust amalgamated entity with a Pan-India presence, said the MD and CEO of Indian Bank, Padmaja Chunduru.
“Currently, we are in strong position in South India whereas Allahabad Bank is present in northern and eastern India. Further, the merger will lead to the emergence of a of strong globally focussed bank with a cumulative experience of over 266 years (Indian Bank is in existence for 112 years whereas Allahabad Bank is a 154-year-old Bank)” she added.
Post-merger, Indian Bank plus Allahabad Bank will emerge as the 7th largest PSB with a business of Rs 8.08 lakhs crore (approx. 1.9 times of pre-merged Indian Bank); a nation-wide presence spread over 6,100 branches and around 43,000 employees.