Business Daily from THE HINDU group of publications
Sunday, Sep 03, 2006
Business Daily from THE HINDU group of publications Sunday, Sep 03, 2006 |
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Money & Banking - Mergers & Acquisitions Govt clears Ganesh Bank merger with Federal Bank Our Bureau
Customers, including depositors of The Ganesh Bank of Kurundwad, will be able to operate their accounts as customers of Federal Bank. Mumbai , Sept. 2 The Union Government has approved the merger of The Ganesh Bank of Kurundwad with the Federal Bank Ltd effective September 2. In a press release issued on Saturday, the Reserve Bank of India said all branches of Ganesh Bank would function as that of Federal Bank with immediate effect. Customers, including depositors of The Ganesh Bank of Kurundwad, would be able to operate their accounts as customers of Federal Bank. "The Federal Bank Ltd is making necessary arrangements to ensure that service, as usual, is provided to the customers of The Ganesh Bank of Kurundwad Ltd," said the release. The Union Government had placed Ganesh Bank under a moratorium on January 7, 2006, while approving a proposal by Kochi-based Federal Bank to take over Ganesh Bank. The Government had ordered the amalgamation of the two banks on January 25. This was, however, contested by a group of persons, including the chairman of Ganesh Bank, a shareholder, a depositor and an employee who filed a petition in the Bombay High Court. The case moved to the Supreme Court, which, on August 28, 2006, upheld the scheme of amalgamation. Ganesh Bank has 32 branches concentrated in Sangli. Federal Bank has 20 branches in Maharashtra. The merger will help Federal Bank step up its agriculture and retail portfolio.
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