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As the merger of Syndicate Bank and Canara Bank comes into effect on April 1, the combined entity will have 10,391 branches and 12,829 ATMs.
LV Prabhakar, MD and CEO, Canara Bank, sharing his views on the milestone, said: “It is a momentous day in the chronicles for both our banks that are driven by the cause of nation-building and with a rich heritage of customer care and services.
“The combined entity will be large, but with an unchanged approach to grassroots banking, customer delight and satisfaction. The amalgamated bank shall massively enhance the reach of banking services to the larger public and augment the financial inclusion activities currently underway.”
As per a press notification, dated March 28, issued by the Reserve Bank of India, all branches of Syndicate Bank will function as branches of Canara Bank from April 1, 2020. Customers, including depositors of Syndicate Bank, will be treated as customers of Canara Bank with effect from the said date.
‘Significant expansion’
Talking about the benefits of the merger, Prabhakar said: “It will lead to a significant expansion in business size, and the resultant economies of scale is expected to translate into better profitability, wider product offering and adoption of state-of-the-art technology, catalysing growth.”
On technology-enabled services, he said: “All the services currently provided for the customers of both banks will continue to be same. Though the integration of core banking solutions of both the banks will be done in due course, the customers will have unhindered access to the best of the technology products.”
Enhanced customer service
The merger is expected to provide brighter professional prospects for staff members. The bank has adopted the “best of both” while deciding employee benefits.
As for the customers, Prabhakar explained: “The banking services offered to the customers will continue uninterrupted with the best of the features of both the banks. To reinforce the feeling of being a part of a single, large banking institution, the bank will be providing 12 interoperable services to the customers of the amalgamated bank with effect from April 1. Customers can also choose from a broader suite of products and services across both the banks.”
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