Fincare Small Finance Bank Merger With AU Small Finance Bank: The merger between AU Small Finance Bank and Fincare Small Finance Bank has been approved. The merger of both the banks will be effective from April 1.
Bank Merger Update: Once again there is going to be a merger of banks in the country. Reserve Bank of India has said that from April 1, 2024, two more banks are to be merged, which has received the approval of RBI. This time Fincare Small Finance Bank Ltd is going to be merged with AU Small Finance Bank Ltd. These two banks will become one from April 1.
All branches of Fincare Small Finance Bank Limited will function as branches of AU Small Finance Bank Limited with effect from April 01, 2024. On January 23, the Competition Commission of India (CCI) approved the merger between AU Small Finance Bank and Fincare Small Finance Bank.
What facilities does AU Small Finance Bank provide?
AU Small Finance Bank provides personal and commercial banking services to its customers. This includes the facilities of deposit, loan, advance, debit-credit card as well as digital banking services.
You will get 579 shares instead of 2000.
Under this deal, shareholders of unlisted Fincare will get 579 shares of the listed AU SFB in the market for every 2,000 shares they hold.
Information was given on October 30
AU Small Finance Bank had given information about the merger with Fincare SFB on October 30. At present, it will still take a month to complete the merger of both. The approval of the shareholders of both Fincare SFB and AU SFB was also required. Apart from this, regulatory approval was also required from Reserve Bank and CCI.
There will be changes in the board also
After the merger, the Managing Director and CEO of Fincare SFB will become the Deputy CEO of AU SFB. Along with this, Divya Sehgal, Director of the Board of Fincare SFB will also be included in the board of AU Small Finance Bank.
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