The Hindu Business Line : IOB officers union against GDR issue

MEMBERS of the Indian Overseas Bank Officers' Association are opposing the bank management's move to raise funds through global depository receipts, as it would lead to dilution of government equity holding in the bank.

Speaking to Business Line here, the general secretary of the association, Mr K.V. Acharya, who is also joint general secretary of All India Bank Officers Confederation, said if any funds were required, the same could be raised in the domestic market that has always been responsive and encouraging to such moves.

The merger of banks would not help to strengthen the capital base significantly in comparison with foreign banks, as even a small South Korean bank has a larger capital base than ours. Mergers would lead to either the rural branches being closed or the employees getting retrenched, he said.

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