Chennai, Sep 18 (UNI) The Board meeting of Indian Bank on Wednesday gave its in-principle approval for the merger of Allahabad Bank with it.
The Board meeting was held in New Delhi today, the bank said in a statement.
''The board meeting of Indian Bank was convened today at New Delhi, inter alia to discuss amalgamation of Allahabad Bank into Indian Bank. The Board after deliberations conveyed its in-principle approval for the Amalgamation of Allahabad Bank with Indian Bank,'' it said.
The Board also took on record the proposed infusion of capital by the Union Government up to Rs 5,000 crore in the bank and issue of shares in favour of the government by way of Preferential Issue.
Post the amalgamation, the combined entity will have 6100-plus branches across the country and overseas presence in three countries.
The business after amalgamation will be over Rs eight lakh crore contributed by a strong workforce of more than 40,000 staff.
The renowned Chennai based midsized bank, hitherto having a strong presence in southern states and Maharashtra, expects to spread its wings across central and eastern parts of India, where Allahabad Bank has the maximum customer base.
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