The Board of Directors of ICICI Bank Ltd approved the amalgamation of Bank of Rajasthan with itself. The proposed amalgamation is subject to the approval of shareholders of both banks and Reserve Bank of India (RBI), it said in a regulatory filing.
The proposed amalgamation would substantially enhance ICICI Bank's branch network, and especially strengthen its presence in northern and western India. It would combine Bank of Rajasthan's branch franchise with ICICI Bank's strong capital base, to enhance the ability of merged entity to capitalise on the growth opportunities in the Indian economy.
ICICI Bank and Bank of Rajasthan ended 0.34% down at Rs832 and 9.97% up at Rs158.80, respectively on the Bombay Stock Exchange, while the benchmark Sensex closed 0.15% up at 16,469.55 points.
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