Canara Bank announced that ICRA has placed rating of Canara Bank's Basel III Compliant Tier II Bonds & Additional Tier-I bonds, on "Ratings Watch with Developing Implications".
As per ICRA Rating Rationale, the boards of both Canara and Syndicate have accorded in-principle approval to the merger, though it is still in a nascent stage.
Given the initial stage of the proposed merger, ICRA has placed the ratings under Watch with Developing Implications.
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