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NextGen PSBs: Allahabad Bank board approves merger with Indian Bank

Finance Minister Nirmala Sitharaman had on August 30 announced the consolidation of 10 state-run banks into four large-scale lenders

Allahabad Bank

Press Trust of India  |  Kolkata 

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Allahabad Bank

The board of on Monday approved the merger proposal with Indian Bank, making the amalgamated entity the seventh largest public sector lender of the country.

Minister Nirmala Sitharaman had on August 30 announced the consolidation of 10 state-run into four large-scale lenders.

"In terms of SEBI (listing obligations and disclosure requirements), the board of directors in a meeting held today has considered and accorded its in-principle approval for amalgamation of into Indian Bank," the city- based lender said in a statement.

Meanwhile, employees and officers of staged a demonstration in front of its headquarters here to protest against the merger.

A office-bearer of the staff association said the amalgamation is being opposed as Allahabad Bank has higher levels of CASA (current account and savings account), more staff strength and a bigger volume of business compared to the other lender.

"The merger proposal with Indian Bank is illegal," he claimed.

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First Published: Mon, September 16 2019. 20:10 IST