SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : ICICI Ltd - (Nyse: IC)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Mohan Marette who wrote (6)12/17/1999 7:46:00 AM
From: Mohan Marette  Read Replies (1) of 494
 
ICICI silent on yet another merger report

17-12-1999 17:13:27

ICICI Ltd today declined to comment on a report its banking subsidiary was planning to acquire private sector Bank of Punjab. "No comment," Kalpana Morparia, senior general manager at ICICI told Reuters.

The Financial Express reported today that ICICI Bank had set its sights on Bank of Punjab although no formal discussions had taken place between the two banks. Just yesterday, The Economic Times had reported that ICICI`s top management had held "detailed discussions" with the promoters of another private sector bank Centurion Bank for a possible merger.

Both banks, however, refused to comment on the report in separate statements sent to the stock exchanges on Thursday. Speculation of likely mergers among India`s private banks has risen since last month when HDFC Bank announced a merger with another local private bank, Times Bank.

Analysts said the market expected ICICI Bank to announce the next merger, in keeping with the strategy followed by its parent ICICI which acquired three finance firms through a series of mergers in the past three years.

ICICI Bank shares were at the upper end of the eight percent circuit breaker at Rs65.85 up Rs4.85 from Thursday's close of Rs61. Bank of Punjab was up Rs3.75 at Rs19.65 rupees against Thursday`s close of Rs15.90.

Source: Reuters
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News