Mixed reactions from brokerage firms on banking merger
5 years, 4 months ago

Mixed reactions from brokerage firms on banking merger

India TV News  

Brokerage firms on Tuesday said that by and large the consolidation in the banking sector is a positive move, yet it can weigh on the merging entities in the near term. State Bank of India, Bank of Baroda and leading private sector banks would edge the merging banks to be in a stronger position. Kotak Securities said: "Our thesis remains unchanged as we believe that the two large public banks along with ICICI Bank to be the best positioned to move in the market." Management/transition issues would dominate other public banks under our coverage and as a consequence, we would move our rating to 'NR' on Canara Bank, PNB and Union Bank. Morgan Stanley said that the PSU Bank consolidation is a good long term move but could weigh on near term growth and the PNB and Canara Bank merger could delay in PPoP recovery.

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History of this topic

India: Centre rules out new PSU bank mergers
1 month, 1 week ago

India: Centre rules out new PSU bank mergers

Deccan Chronicle  

New Delhi: The Centre may not consider merger of public sector banks as several reforms undertaken by the government in the banking sector have created systemic improvements and instituted checks and controls to minimise the risk of recurrence of excessive stress, the government said on Tuesday. “The reforms undertaken by the government in the banking sector have created systemic improvements …

FinMin revises letter, scotches PSU bank merger speculation
1 year ago

FinMin revises letter, scotches PSU bank merger speculation

Live Mint  

The Union finance ministry has rectified the agenda of a parliamentary committee meeting scheduled for early next year, putting an end to speculation of a potential merger of public sector banks—UCO Bank with Union Bank of India, and Bank of India with Bank of Maharashtra. In a letter addressed to, among others, the bank chiefs of the four PSU banks …

Federal Bank-Kotak Mahindra Bank Merger on Cards? 'Speculative', Says Federal Bank
2 years, 4 months ago

Federal Bank-Kotak Mahindra Bank Merger on Cards? 'Speculative', Says Federal Bank

News 18  

Kotak Mahindra Bank-Federal Bank Merger: Private sector lender Federal Bank on Monday, September 5, denied reports of a merger with Kotak Mahindra Bank, after reports emerged that the two banks were in talks to do so. Federal Bank in a statement said it was clarifying “categorically” that the report was speculative in nature and there was no such information available …

Govt to amend two Acts to enable privatisation of PSU banks
3 years, 10 months ago

Govt to amend two Acts to enable privatisation of PSU banks

India TV News  

To facilitate privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. The ongoing Budget session is scheduled to take up as many as 38 Bills including the Finance Bill 2021, Supplementary Demands for Grants for 2020-21 and related Appropriation Bill, National Bank for Financing Infrastructure and Development Bill, 2021, and Cryptocurrency …

Know the Changes Affecting Customers Post Corporation Bank, Andhra Bank Merger with Union Bank of India
3 years, 11 months ago

Know the Changes Affecting Customers Post Corporation Bank, Andhra Bank Merger with Union Bank of India

News 18  

The migration of all the customers of the Corporation Bank and Andhra Bank has been successfully completed to the core banking solution of Union Bank of India. Internet banking, mobile banking, UPI, IMPS, treasury and swift have also been rolled out by UBI for Andhra and Corporation Bank customers. No changes have been made to the account number and customer …

New NPA Cycle, Privatisation Among Ailments in Banking that Union Budget 2021 is Expected to Address
3 years, 11 months ago

New NPA Cycle, Privatisation Among Ailments in Banking that Union Budget 2021 is Expected to Address

News 18  

With the Union Budget less than a week away, stakeholders in the banking sector expect the Centre to go beyond recapitalisation of bonds to infuse capital in public sector banks. The RBI’s stress test recently revealed that bank NPAs could jump from 7.5 per cent in September last year to 13.5 per cent by September this year. The gross non-performing …

A final push for the entry of corporate players in banking
4 years, 1 month ago

A final push for the entry of corporate players in banking

The Hindu  

Areport of an internal working group set up by the Reserve Bank of India has revived the discussion on the wisdom of allowing the entry of corporate players, including large business groups, into India’s banking space. Although the process of licensing a new generation of private banks began in 1993, primarily non-financial corporate entities have been eligible under the RBI’s …

Merger With Lakshmi Vilas Bank to Strengthen DBS Bank's India Business, Says Moody's
4 years, 1 month ago

Merger With Lakshmi Vilas Bank to Strengthen DBS Bank's India Business, Says Moody's

News 18  

Moody’s Investors Service on Wednesday said Singapore’s DBS Bank will strengthen its India business following merger with troubled Lakshmi Vilas Bank. Banking regulator RBI on Tuesday announced a draft scheme to amalgamate the troubled Lakshmi Vilas Bank into DBS Bank India, which is fully owned by DBS Bank Ltd. “The merger will strengthen DBS’ business position in India by adding …

AIBOC Opposes Merger of LVB with DBS Bank, Pitches for Merger With State-owned Bank
4 years, 1 month ago

AIBOC Opposes Merger of LVB with DBS Bank, Pitches for Merger With State-owned Bank

News 18  

A day after the RBI put in public domain a draft scheme of merger of Lakshmi Vilas Bank with subsidiary of Singapore-based DBS, public sector banks’ officer union AIBOC on Wednesday said the amalgamation is not in the national interest and demanded the consolidation with any PSB. The proposed amalgamation of the cash-strapped LVB with DBS Bank India seems to …

Mega PSU bank merger marks new dawn for Indian banking space: Finance ministry
4 years, 9 months ago

Mega PSU bank merger marks new dawn for Indian banking space: Finance ministry

Firstpost  

The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday New Delhi: The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday. …

PSB mergers the new hurdle for resolutions under IBC
4 years, 9 months ago

PSB mergers the new hurdle for resolutions under IBC

Live Mint  

The approaching deadline for the merger of small public sector banks with their larger counterparts is slowing down resolution of cases under the Insolvency and Bankruptcy Code. While small state-run banks generally have limited influence in lender committees of large assets, in cases where they have a substantial say, key decisions on resolution are being postponed until the ongoing mergers …

10 State-owned banks announce share swap ratios for mergers with nearing of March-end deadline
4 years, 10 months ago

10 State-owned banks announce share swap ratios for mergers with nearing of March-end deadline

Firstpost  

The Union Cabinet on Wednesday had okayed the amalgamation of 10 public sector banks to create four large state-owned lenders with effect from 1 April, 2020 New Delhi: With the March-end deadline for the biggest-ever amalgamation scheme is approaching, ten state-owned banks on Thursday announced swap ratios for the proposed mergers. Andhra Bank said, “Further, the board of directors of …

Govt likely to notify merger of 10 PSU banks this week; all lenders to complete amalgamation procedures by April
4 years, 11 months ago

Govt likely to notify merger of 10 PSU banks this week; all lenders to complete amalgamation procedures by April

Firstpost  

The banks will need to follow regulatory formalities to protect the interest of minority shareholders. The government is expected to notify the merger of 10 public sector banks that it had announced last year to create four big banks this week and the merger process may be completed by April, said a news report. Union Bank, Andhra Bank, Corporation Bank …

Maharashtra Co-op Bank pitches for branch merger of PMC Bank
4 years, 11 months ago

Maharashtra Co-op Bank pitches for branch merger of PMC Bank

India TV News  

Maharashtra State Co-operative Bank has written to Union Finance Minister Nirmala Sitharaman seeking merger of branches of PMC Bank, in case of a takeover of the troubled lender, a top official said on Tuesday. In support of his argument, Anaskar reminisced over six years ago, there was a similar proposal for a branch merger of the troubled Rupee Cooperative bank …

Maharashtra government suggests merger of troubled PMC Bank with MSC Bank
5 years, 1 month ago

Maharashtra government suggests merger of troubled PMC Bank with MSC Bank

India TV News  

In a bid to provide relief to depositors of the troubled lender, the Maharashtra government has suggested the scam-hit Punjab and Maharashtra Cooperative Bank be merged with the MSC Bank. The state government will also speak to the Reserve Bank of India on the issue of merger of the Maharashtra State Cooperative and PMC banks, if the need arises, Patil …

No job losses post merger of 10 PSBs: Government
5 years, 1 month ago

No job losses post merger of 10 PSBs: Government

India TV News  

The government on Tuesday assured the Rajya Sabha that merger of 10 public sector banks will not lead to any job losses and employees' interest will be protected. During the Question Hour, Minister of State for Finance Anurag Singh Thakur said lending and other banking services to eastern states will be improved after two Kolkata-based banks are merged. "Amalgamating banks …

Over 3,400 branches of 26 public sector banks closed or merged in last 5 years: RTI
5 years, 2 months ago

Over 3,400 branches of 26 public sector banks closed or merged in last 5 years: RTI

Firstpost  

Over 3,400 branches of 26 public sector banks have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space, revealed an RTI query Indore: Over 3,400 branches of 26 public sector banks have been either closed or merged during the last five financial years due to merger under …

Over 3,400 branches of 26 PSBs closed or merged in last 5 years: RTI
5 years, 2 months ago

Over 3,400 branches of 26 PSBs closed or merged in last 5 years: RTI

India TV News  

Over 3,400 branches of 26 public sector banks have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space, revealed an RTI query. Of this, 75 per cent of the affected branches belong to the country's biggest lender State Bank of India. To a query under the Right …

Bank strike against merger today; several branches, ATMs likely to be shut
5 years, 2 months ago

Bank strike against merger today; several branches, ATMs likely to be shut

India TV News  

Employees of two bank unions are on a 24-hour strike from Tuesday morning, which could affect the banking operations across India. The bank strike has been called in protest against the Central government's decision to merge 10 public sector banks into four bigger banks. All the banks which are facing closures, namely Andhra Bank, Allahabad Bank Syndicate Bank, Corporation Bank, …

Bank unions on strike tomorrow against 10 public sector banks merger
5 years, 2 months ago

Bank unions on strike tomorrow against 10 public sector banks merger

India TV News  

Bank employees have called for a strike on October 22 to oppose the government's decision to merge 10 state-run banks into four. The two unions of bank employees -- All India Bank Employees Association and Bank Employees Federation of India have jointly called for the strike. State-run banks including Bank of Maharashtra, Oriental Bank of Commerce, Syndicate Bank and Bank …

Total of 34 functional teams to smoothen bank merger of UBI, PNB, OBC; to come into force on 1 April
5 years, 3 months ago

Total of 34 functional teams to smoothen bank merger of UBI, PNB, OBC; to come into force on 1 April

Firstpost  

The complete harmonisation among the three entities would take another 12 to 14 months after the merger Kolkata: A total of 34 functional teams have been formed to smoothen the process of merger of United Bank of India, Punjab National Bank and Oriental Bank of Commerce, a senior official said. “The functional teams will also try standardising the loan process, …

34 functional teams to smoothen merger of UBI, PNB, OBC
5 years, 3 months ago

34 functional teams to smoothen merger of UBI, PNB, OBC

India TV News  

A total of 34 functional teams have been formed to smoothen the process of merger of United Bank of India, Punjab National Bank and Oriental Bank of Commerce, a senior official said. "Thirty four functional teams have been created to come out with solutions for the process of integration," a UBI official told PTI. "The functional teams will also try …

No concern to asset quality post UBI, OBC merger: PNB CEO
5 years, 3 months ago

No concern to asset quality post UBI, OBC merger: PNB CEO

India TV News  

The Punjab National Bank, which is the anchor bank for a scheduled merger with the United Bank of India and the Oriental Bank of Commerce, has said that it does not see any erosion in asset quality after the merger and the best HR, process and products will be chosen for the consolidated entity to offer a win-win situation for …

Nirmala Sitharaman to review bank merger preparedness amid strike call on Sept 26-27
5 years, 3 months ago

Nirmala Sitharaman to review bank merger preparedness amid strike call on Sept 26-27

India TV News  

Finance Minister Nirmala Sitharaman will conduct a meeting of the heads of PSU banks on Thursday to discuss bank merger-related issues. "Tomorrow's PSB meeting will take up some of the key issues which relate to passing of low cost of borrowing and NPA settlement, doorstep banking and also the merger execution strategies to be taken up by the merging and …

Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans
5 years, 3 months ago

Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans

Firstpost  

New Delhi: Corporation Bank on Monday said the board has given its in-principle approval for the merger with Union Bank of India. “The board of directors in its meeting held on 16 September, 2019 has given in-principle approval for the amalgamation of the Corporation Bank into Union Bank of India,” it said in a regulatory filing. Earlier on 9 September, …

Mega mergers fail to lure funds to state-run bank stocks
5 years, 3 months ago

Mega mergers fail to lure funds to state-run bank stocks

Live Mint  

Singapore: India’s biggest bank overhaul in decades to merge state-run lenders beset with bad loans and low capital hasn’t convinced investors to increase holdings of the shares. “State run banks do have a large asset-quality burden,” said Rukhshad Shroff, who oversees more than $660 million in India equities at JPMorgan Chase & Co.’s asset management unit in Hong Kong. There …

Bank officers' union threatens 2-day strike from Sep 26 against mergers
5 years, 3 months ago

Bank officers' union threatens 2-day strike from Sep 26 against mergers

India TV News  

Four unions of officers of public sector banks have threatened to go on a two-day strike from September 26 to protest against the announced consolidation of 10 state-run lenders into four. All India Bank Officers' Confederation, All India Bank Officers' Association, Indian National Bank Officers' Congress, National Organisation of Bank Officers have jointly served the strike notice. According to the …

Union Bank board okays merger of Andhra, Corporation Bank with itself; clears Rs 17,200-cr capital infusion
5 years, 4 months ago

Union Bank board okays merger of Andhra, Corporation Bank with itself; clears Rs 17,200-cr capital infusion

Firstpost  

Union Bank of India on Monday said its board of directors has approved the merger of Andhra Bank and Corporation Bank with itself and given nod for a capital infusion of Rs 17,200 crore in the current financial year New Delhi: Union Bank of India on Monday said its board of directors has approved the merger of Andhra Bank and …

Mega bank mergers in India credit positive but...: Here is global rating agency Moody's take
5 years, 4 months ago

Mega bank mergers in India credit positive but...: Here is global rating agency Moody's take

India TV News  

The mega merger of 10 state-run banks is credit positive, as it can increase their operational scale and growth capital, apart from improving their corporate governance over the long term, says a report. Global rating agency Moody's in a report Thursday said the proposed mergers will significantly alter the structure of state-run banks which control over two-thirds of the system. …

Union Bank of India board meet on 9 September to approve amalgamation of Andhra Bank, Corporation Bank with itself
5 years, 4 months ago

Union Bank of India board meet on 9 September to approve amalgamation of Andhra Bank, Corporation Bank with itself

Firstpost  

New Delhi: State-owned Union Bank of India on Wednesday said its Board will meet on 9 September to approve amalgamation of Andhra Bank and Corporation Bank with itself. Besides, the board would also take up the matter related to capital infusion of Rs 11,700 crore, Union Bank of India said in a regulatory filing. In a separate filing, United Bank …

Mega merger: PNB, Canara, Union, Indian Bank shares feel heat on bourses post-amalgamation; what is the shareholder thinking?
5 years, 4 months ago

Mega merger: PNB, Canara, Union, Indian Bank shares feel heat on bourses post-amalgamation; what is the shareholder thinking?

Firstpost  

For better understanding, let’s look at the share movement of the acquiring banks or the anchor banks involved in the merger process. In the two trading sessions after the big bank merger announcement, the public sector banks have lost a combined market cap of close to Rs 11,000 crore. Among others, United of Bank of India has a net NPA …

Watch | Merger of public sector banks
5 years, 4 months ago

Watch | Merger of public sector banks

The Hindu  

In what comes as the second wave of the government’s efforts to revive the economy, Finance Minister Nirmala Sitharaman on Friday announced a slew of banking reform measures, including merger of 10 public sector banks into four entities. This would take the number of banks in the country from 27 in 2017 to 12, Ms. Sitharaman said. These bank mergers, …

PSB stocks plunge up to 10.6% post merger announcement
5 years, 4 months ago

PSB stocks plunge up to 10.6% post merger announcement

India TV News  

Public sector bank stocks, led by Canara Bank, Union Bank and Punjab National Bank, tumbled up to 10.6 per cent on Tuesday after the government announced the merger of 10 state-run lenders into four. Shares of Canara Bank dropped 10.59 per cent, Union Bank of India fell 9.08 per cent, Punjab National Bank plunged 8.55 per cent, Oriental Bank of …

Indian Bank expects to complete merger with Allahabad Bank by 31 March: Managing Director Padmaja Chunduru
5 years, 4 months ago

Indian Bank expects to complete merger with Allahabad Bank by 31 March: Managing Director Padmaja Chunduru

Firstpost  

New Delhi: State-owned Indian Bank expects to complete the merger with Allahabad Bank by the end of current fiscal, a top official said. Last week, the government announced the consolidation of 10 public sector banks into four mega state-owned lenders, including the merger of Allahabad Bank with Indian Bank. I expect that all the process should ideally be over by …

Indian Bank expects to complete merger with Allahabad Bank by March 31
5 years, 4 months ago

Indian Bank expects to complete merger with Allahabad Bank by March 31

India TV News  

State-owned Indian Bank expects to complete the merger with Allahabad Bank by the end of current fiscal, a top official said. Last week, the government announced consolidation of 10 public sector banks into four mega state-owned lenders, including merger of Allahabad Bank with Indian Bank. Indian Bank last week received a communication from Ministry of Finance that the Alternative Mechanism …

Bank merger: Officers associations to meet in Delhi on September 5
5 years, 4 months ago

Bank merger: Officers associations to meet in Delhi on September 5

India TV News  

Opposing the merger of banks, officers associations of various banks will meet in the national capital on September 5 to chalk out the future course of action, a top official of All India Andhra Bank Officers Association said here on Tuesday. Finance Minister Nirmala Sitharaman last week announced the merger of Oriental Bank of Commerce and United Bank with Punjab …

PSU banks merger woes: Bank officers associations to meet in Delhi on 5 September
5 years, 4 months ago

PSU banks merger woes: Bank officers associations to meet in Delhi on 5 September

Firstpost  

Hyderabad: Opposing the merger of banks, officers associations of various banks will meet in the national capital on 5 September to chalk out the future course of action, a top official of All India Andhra Bank Officers Association said here on Tuesday. Finance Minister Nirmala Sitharaman last week announced the merger of Oriental Bank of Commerce and United Bank with …

Opinion | Bank mergers are no silver bullet for India
5 years, 4 months ago

Opinion | Bank mergers are no silver bullet for India

Live Mint  

With every passing day, India’s economic indicators are turning a little bleaker. Thus, one of the few areas where there’s new investment may be affected, especially with a sharp rise in debt levels of the government agency that gives out the contracts. State Bank of India, the largest lender, will require ₹15,000 crore in the current fiscal year, according to …

Public sector banks' merger to act as building block for $5 trillion economy target, says Finance Secretary Rajiv Kumar
5 years, 4 months ago

Public sector banks' merger to act as building block for $5 trillion economy target, says Finance Secretary Rajiv Kumar

Firstpost  

The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders New Delhi: The government’s decision to consolidate 10 public sector banks into four mega state-owned lenders will act as a building block for achieving $5 trillion economy target, Finance Secretary Rajiv Kumar has …

Bank mergers: AIBOC meet in Delhi to decide on next step
5 years, 4 months ago

Bank mergers: AIBOC meet in Delhi to decide on next step

The Hindu  

With the Centre moving to merge more public sector banks, the All India Bank Officers’ Confederation, which has opposed it, will meet in Delhi on September 5 to decide on the course of action. The United Forum of Bank Unions will meet in Delhi on September 11 to discuss the issue, Mr. Shetty, also general secretary, Corporation Bank Officers Organisation, …

There will not be a single job loss due to merger of banks, assures Nirmala Sitharaman
5 years, 4 months ago

There will not be a single job loss due to merger of banks, assures Nirmala Sitharaman

Firstpost  

The merger of banks will bring down the number of state-run banks to 12 from 19 after the merger of Dena Bank and Vijaya Bank with Bank of Baroda effective April 2019. Chennai: Finance Minister Nirmala Sitharaman on 1 September allayed fears of job losses following the proposed merger of public sector banks, saying not even one employee shall be …

There will not be single job loss due to merger of banks: FM Sitharaman
5 years, 4 months ago

There will not be single job loss due to merger of banks: FM Sitharaman

Live Mint  

Chennai: Finance minister Nirmala Sitharaman on Sunday allayed fears of job losses following the proposed merger of public sector banks, saying not even one employee shall be removed following the amalgamation. The move will bring down the number of state-run banks to 12 from 19 after the merger of Dena Bank and Vijaya Bank with Bank of Baroda effective April …

Will bank mergers result in job losses? Nirmala Sitharaman rules it out
5 years, 4 months ago

Will bank mergers result in job losses? Nirmala Sitharaman rules it out

India TV News  

Finance Minister Nirmala Sitharaman on Sunday allayed fears of job losses following the proposed merger of public sector banks, saying not even one employee shall be removed following the amalgamation. Sitharaman on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as the government looked …

PNB board to meet on 5 September to consider merger with OBC, United Bank
5 years, 4 months ago

PNB board to meet on 5 September to consider merger with OBC, United Bank

Live Mint  

New Delhi: Punjab National Bank on Saturday said its board of directors will meet on 5 September to consider the lender's merger with Oriental Bank of Commerce and United Bank of India. In a BSE filing, Punjab National Bank said "the meeting of board of directors of the bank is scheduled to be held on 5th September, 2019" for considering …

Bank employees stage protest against Centre's decision to merge PSU banks
5 years, 4 months ago

Bank employees stage protest against Centre's decision to merge PSU banks

India TV News  

Members of the All India Bank Employees' Association on Saturday staged a protest here against the Centre's decision to merge 10 public sector banks into four entities. Employees of all public and private sector banks wore black badges to work as a mark of protest to the government's decision. The BJP government at the Centre had on Friday unveiled a …

All India Bank Employees Association opposes government's bank merger
5 years, 4 months ago

All India Bank Employees Association opposes government's bank merger

India TV News  

The real agenda of the government in merging banks is to help big corporates as consolidation of the banks will not result in recovery of huge bad loans, said a top official of the All India Bank Employees' Association. Opposing the merger of 10 public sector banks into four, C. H. Venkatachalam, General Secretary of AIBEA, in a statement issued …

Nirmala's big bank reform: Will it boost the economy?
5 years, 4 months ago

Nirmala's big bank reform: Will it boost the economy?

India Today  

Four mega mergers of public sector banks, which control a two-third of India's banking in terms of advances and deposits, are meant to create a stepping stone to the government's $5 trillion GDP target. Experts suggest there should be a differentiation in terms of product category, say SME or emerging corporate focused banks or purely retail banks or large corporate …

Banks merger reflects govt resolve to address economic slowdown: India Inc
5 years, 4 months ago

Banks merger reflects govt resolve to address economic slowdown: India Inc

India TV News  

The government's move to consolidate public sector banks indicates its resolve to address the slowdown in GDP growth, as the country's economy expanded at its weakest pace in over six years in the April-June quarter of 2019-20, the industry said on Friday. A sharp deceleration in manufacturing output and subdued farm sector activity pulled down India's gross domestic product growth …

Merger can't tackle issues of low capital,higher NPAs:Analysts
5 years, 4 months ago

Merger can't tackle issues of low capital,higher NPAs:Analysts

India TV News  

Even though the mega-merger of 10 public sector banks is a step in the right direction as it will increase operational efficiencies of the merged entities, the key issues of low capital and higher bad loans will continue to plague them, say analysts. Amidst the growing signs of deepening slowdown, finance minister Nirmala Sitharaman Friday announced four new set of …

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