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Non-Tech : ICICI Ltd - (Nyse: IC)
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To: Mohan Marette who wrote (3)12/16/1999 3:44:00 PM
From: Mohan Marette  Read Replies (1) of 494
 
ICICI Bank 'looking at some banks'

Our Bureau

MUMBAI, Dec. 16

ICICI Bank is considering merger with a bank as part of consolidation process but no deal has been stuck till now with Centurion Bank or any other bank, a senior ICICI Bank official said.

Mr. H.N. Sinor, Managing Director, ICICI Bank, said: "We are looking to consolidate and in that process we are looking at some private sector banks."

On reports of merger with Centurion Bank, he said nothing of that sort has been finalised. On speculation that a merger proposal with Bank of Punjab, he said the banking industry is undergoing consolidation and everybody is expecting some mergers among banks.

To a query from the stock exchanges, the bank has said: "Banking sector stocks have generally been quite volatile and lately several banks have registered significant increase in share price. Any proposal for merger would have to be first considered by the Board of Directors of ICICI Bank. In line with accepted corporate governance principles, we would send out prior intimation to the stock exchanges if a board meeting is convened for consideration of any such proposal."

Centurion Bank shares have gained about 48 per cent between December 8 and 15 and that of ICICI Bank 36.45 per cent between December 3 and 15. On the Bombay Stock Exchange on Thursday ICICI Bank shares closed at Rs. 61, up from Wednesday's close of Rs. 56.50 and Centurion Bank at Rs. 24.80 (Rs. 23). hindubusinessline.com
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