The total business of country's largest private sector lender ICICI Bank will cross Rs 4 lakh crore after its takeover of the Bank of Rajasthan (BoR).

ICICI's biz to cross Rs 4 lakh cr post merger

Press Trust of India

The Bank of Rajasthan-ICICI Bank merger ends the one-and-a-half-year lull in M&amp;A activities in the banking space, while globally a wave of consolidation has been sweeping the industry since the 2008 financial meltdown.

BoR-ICICI merger among handful of consolidation moves in India

All India Bank Employees Association (AIBEA) today opposed the proposed Merger of Bank of Rajasthan with ICICI Bank saying it should be merged with Public Sector undertaking (PSU) bank instead of a private one.

AIBEA opposes proposed merger of BoR with ICICI

Ahead of tomorrow's Board meetings of ICICI Bank and Bank of Rajasthan to decide the share-swap ratio for the merger of the two entities, BoR's promoter, P K Tayal, today pitched for a better valuation than that presently offered by ICICI for his stake in BoR.

Swap ratio for ICICI-BoR merger should be minimum 1:3: Tayal

In a major acquisition in the country's financial services industry, the boards of country's second-largest lender, ICICI Bank and troubled-Bank of Rajasthan (BoR) today approved the merger of two entities by way of a shareswap deal that values BoR at about Rs 3,000 crore.

ICICI, BoR approve merger through share swap deal

Bank of Rajasthan (BoR) today said its employees will not be adversely affected by the merger with ICICI Bank and there will be no job losses.

Employees won't lose jobs after merger with ICICI: BoR

ICICI would hold an extra-ordinary general meeting (EGM) of shareholders on June 21 to obtain approval for the deal, it said in a filing to the Bombay Stock Exchange (BSE).

ICICI to seek shareholders nod for BoR deal on June 21

A day after the officers gave a strike call, the employees of the troubled private sector lender Bank of Rajasthan (BoR), which is set to be taken over by ICICI Bank, today threatened to go on a token strike on June 4 and 5 to protest against the move.

Now, BoR employee unions threaten strike against merger

Bank of Rajasthan (BoR) today said it has revised upward interest rates on its NRE fixed deposits.

BoR ups interest rates on NRE, FCNR deposits

Seeking to distance itself from a controversy over Tayal Group's shareholding in it, Bank of Rajasthan (BoR) today said the Tayals were technically not its promoters.

Tayals not promoters of BoR, says CEO

The Reserve Bank of India (RBI) imposed a penalty of Rs 25 lakh on Bank of Rajasthan for violating norms related to acquisition of immovable properties, among others.

RBI penalises Bank of Rajasthan for norms violation

Total business increased to Rs 24,000 crore in the July-September quarter, up 9.09 per cent from Rs 22,000 crore in the corresponding quarter a year ago, the bank said in a release.

Bank of Rajasthan Q2 net at Rs 18 cr

The Indian rupee strengthened by 23 paise to a two-month high of 47.87 against the US currency in opening trade today on dollar selling by exporters.

Rupee surges 23 paise to 47.87/$ in opening trade

The Reserve Bank of India would celebrate its platinum jubilee in 2009 and 2010 through outreach programmes.

RBI to celebrate platinum jubilee

Hit by rising bad loans, private sector lender, Kotak Mahindra Bank has decided to reduce its unsecured loans in the months ahead but has ruled out the possibility of winding up the portfolio completely.

Kotak Mahindra Bank to reduce its unsecured loans

Investment bankers in Barclays are set to receive bonus and salary packages worth an average of 250,000 pound per head for the last six months' work, media report says.

Top bankers at Barclays to get bonus of 250,000 pound

The Indian rupee today hardened by 11 paise to touch a one-month high of 47.83 a $ in early trade in line with other Asian currencies, which gained against the greenback, amid expectations that the local bourses would open on a strong note.

Rupee up 11 paise at 47.83/$ in early trade

The NRE term deposit interest rates for one year to less than two years had been fixed at 3.25 per cent from 3.36 per cent, two years to less than 3 years duration at 3.31 per cent, up from 3.28 per cent.

South Indian Bank revises NRE, FCNR deposit rates

Public sector Corporation Bank plans to raise an additional Rs 700 crore from bonds in the second quarter to fund its growing business which may cross Rs 1,50,000 crore this fiscal.

Corporation Bank to raise Rs 700 cr to fund business growth

Global banking major Barclays today reported a 10 per cent growth in net profit at 1.88 billion pounds in the first half of 2009, bolstered by strong performance of its investment banking arm.

Barclays H1 profit rises 10% at 1.88 bn pounds

The Indian rupee today touched a two-month high of 47.44 against the $ in early trade on increased capital inflows amid expectations that the local bourses would open on a strong note.

Re up 19 paise at 47.44 a $ in early trade

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