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| No decision yet on Federal Bank-CSB merger |
| Press Trust of India / Kochi Nov 13, 2009, 20:14 IST |
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The crucial meeting of board of directors of Kerala-based Federal Bank today failed to take any decision on the merger proposal of the Catholic Syrian Bank (CSB) with itself.
Federal Bank had entrusted consultancy firm KPMG to do the due diligence of CSB. The report, which was expected today, was not ready, Federal Bank sources said.
The full report of due diligence of KPMG has not yet been received so far and hence a decision on the CSB's merger with Federal Bank could not be taken, sources said.
The merger proposal is likely to be taken up at Federal Bank's next board meeting to be held in a month's time.
Meanwhile, the Catholic Syrian Bank Protection Committee (CSBPC), constituted under the patronship of the Thrissur Archbishop, Mar Andrews Thazhath, has made all efforts to abort the proposed merger move.
The spokesman of the Committee, Fr Raphael Thattil, senior vicar general of the archdiocese, said in a statement that the CSB cannot be seen only as a banking company promoted for making profits.
The church and the community had played a pivotal role in the bank's overall growth and development.
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