The total business of country's largest private sector lender ICICI Bank will cross Rs 4 lakh crore after its takeover of the Bank of Rajasthan. Post merger, ICICI Bank branches will rise to 2,470 with the addition of 463 branches of the Bank of Rajasthan. ICICI Bank has a presence in 18 countries and has over 2,000 branches.
Bank of Rajasthan's total business was about Rs 23,000 crore at the end of 2008-09. ICICI Bank has reported a total business, which include loans and deposits, of Rs 3.83 lakh crore as on March 31, 2010.
Bank of Rajasthan is worth Rs 1,500 crore as per its share price today. The scrip surged 20 per cent to Rs 99.50 on BSE.
In comparison, ICICI Bank is valued at close to Rs 100,000 crore. Its shares fell 1.45 per cent to Rs 889.35.
The board of the banks have given in-principle approval to the merger, a final view will be taken on May 23 after receiving the report of the valuation consultant Haribhakti & Co.
Bank of Rajasthan, which was founded in 1943, is going through a rough patch since its promoter Tayal family and Group companies were barred from accessing the market by the SEBI in March for mis-declaring its holding in the bank. Following the merger, the Tayal family will quit the Bank of Rajasthan.
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