India's ICICI Bank May Merge With Bank of Punjab, Paper Says
12/16/99 7:58:00 PM
Source: Bloomberg News
Mumbai, Dec. 17 (Bloomberg) -- India's ICICI Bank Ltd., an arm of ICICI Ltd. -- the country's second-largest lender -- plans to merge with Bank of Punjab Ltd. through a share swap, the Financial Express reported, without citing sources. ICICI Bank is believed to have plans to combine with either Centurion Bank Ltd., or Bank of Punjab, but the paper cited sources as saying that ICICI may not be interested in buying Centurion Bank as its balance sheet was ``not attractive.' ``We are exploring all possibilities, but nothing specific has been firmed up yet,' the paper cited H.N. Sinor, managing director of ICICI Bank, as saying.
ICICI Bank recently said it formed an Internet company with Satyam Infoway Ltd., an Indian Internet services provider, to help consumers access savings bank accounts on line. (Financial Express, 12/17, pg.1) (For the Financial Express web site, type FNLE ) cnetinvestor.com |
