Merger will create fourth largest public sector bank: Syndicate Bank MD

There were discussions in general since a few months, said Syndicate Bank MD Mrutyunjay Mohapatra

Syndicate Bank Managing Director and Chief Executive Officer Mrutyunjay Mohapatra tells Somesh Jha the merger will create the fourth largest public sector bank (PSB) with a business size of Rs 15 trillion. Edited excerpts:

How do you see the merger?

It’s a good move as it will create large banks of global scale which is sought after in any country. Our culture is similar to Canara Bank’s and it will make us the fourth largest public sector bank with a business size of Rs 15 trillion.

When were you informed about the merger?

There were discussions in general since a few months but it crystallised in last few days. 
 

Did you suggest some names for the merger?

It won’t be feasible to disclose as the information is not in public domain. But between various combinations, the important factors were size, technology and health of the bank. 

What about the finances?

Our Common Equity Tier-1 will go down a little.

When are you expected to hold a meeting to approve the merger?

In the next 10-15 days.