The Hindu Business Line : Ganesh Bank merges with Federal

The Government of India has approved the merger of Ganesh Bank of Kurundwad with Federal Bank and the amalgamation came into effect from Saturday. The Government sanctioned the merger through a notification dated September 1, 2006. The earlier scheme of amalgamation notified on January 24, 2006, was later upheld by the Supreme Court of India.

Federal Bank has taken charge of all the branches of Ganesh Bank of Kurundwad. All the 32 branches of Ganesh Bank, except a couple of them are located in centres where Federal Bank does not have branches. Hence, the branches of Ganesh Bank are a perfect fit, in line with the growth strategy, a press release from Federal Bank said. Federal Bank considers the Konkan belt as a potential growth centre, considering the thrust it gives for agricultural and SME advances.

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