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India: IDBI mulls merger with 2 nationalised banks.
MUMBAI, Aug. 31 INDUSTRIAL Development Bank of India (IDBI) is exploring the option of merger with two nationalised banks. An internal committee is understood to have "shortlisted" nationalised banks for the mergers which, by adding deposit muscle, are expected to facilitate IDBI's aspirations for turning into a universal bank.
"The most likely candidates would be Union Bank, Canara Bank, Punjab National Bank and Syndicate Bank amongst others," according to a senior IDBI official.
"To become a universal bank, IDBI needs to attain a certain critical mass in terms of the reach and network of branches apart from an ideal deposit base of around Rs 50,000 crore. …
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