Silicon Investor (SI) -- The First Internet Community

STOCKTALK

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) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (27)	1/17/2000 8:51:00 AM
From: Mohan Marette	Respond to of 494

ICICI Bank drops merger plans with Centurion Following the differences that ICICI Bank was having with Centurion Bank regarding the swap ratio for their expected merger, ICICI Bank has decided to call off its merger plans. ICICI Bank has decided on looking at new takeover targets as it has decided to use acquisition as its route to expand and grow. According to sources the list of possible takeover targets also includes a public sector bank. In a recent development UTI Bank too is looking out for takeover candidates and is wooing Centurion Bank now that the talks between ICICI Bank and Centurion Bank have fallen through. If this happens then the merger between UTI Bank and Centurion Bank will create the third largest private sector bank both in terms of market capitalisation and size. At present the merged entity of HDFC Bank and Times Bank is the largest private sector bank in terms of size and market We will see more mergers in private sector banking as they are very aggressive about their expansion plans and this method ensures higher levels of assets and a larger branch network. Mergers were inevitable as the banking industry was fragmented with foreign banks, public sector banks and private sector banks vying for the same market. The main benefits of bank mergers are a larger distribution network, lower operating costs, a wider range of products can be offered and a larger customer base could be targeted. ICICI Bank has good growth prospects and is a technology savvy bank. Its on the "BUY" list of many analysts. January 17, 2000