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Bharat Financial, IndusInd Bank sign exclusive merger talk deal

No details given on deal structure and timing of talks completion

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Last Updated : Sep 12 2017 | 2:40 AM IST

Bharat Financial Inclusion Limited (BFIL), formerly SKS Microfinance, on Monday said it had signed an exclusivity agreement for a potential merger with IndusInd Bank.

Statements issued by BFIL and IndusInd Bank confirmed months of speculation over negotiations between the two parties. Another potential acquirer, RBL Bank, is now out of contention.

BFIL Chief Executive Officer and Managing Director M R Rao said the merger would result in lower cost of funds and would help the company offer its customers savings products.

On its existing and new initiatives, such as home improvement loan products, Rao said the company would

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