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Bank Merger Update: Once again banks are going to be merged in the country. The Reserve Bank of India has said that two more banks are to be merged from April 1, 2024, which has received the approval of RBI. This time Fincare Small Finance Bank Limited is going to be merged into AU Small Finance Bank Limited. These two banks will become one from April 1.
All branches of Fincare Small Finance Bank Limited will function as branches of AU Small Finance Bank Limited with effect from April 01, 2024. On January 23, the Competition Commission of India (CCI) approved the merger between AU Small Finance Bank and Fincare Small Finance. Edge.
What facilities does AU Small Finance Bank provide?
AU Small Finance Bank provides personal and commercial banking services to its customers. This includes deposits, loans, advances, debit-credit cards as well as digital banking services.
You will get 579 shares instead of 2000.
Under the deal, shareholders of unlisted Fincare will get 579 shares of the bourse-listed AU SFB for every 2,000 shares they hold.
Information was given on October 30
AU Small Finance Bank had informed about the merger with Fincare SFB on October 30. At present, it will take one month for the merger of the two to be completed. Approval of shareholders of both Fincare SFB and AU SFB was also required. Apart from this, regulatory approval was also required from Reserve Bank and CCI.
There will be changes in the board also
Post the merger, AU, Managing Director and CEO of Fincare SFB, will become the Deputy CEO of SFB. Along with this, Divya Sehgal, Director of the Board of Fincare SFB, will also be included in the board of AU Small Finance Bank.