It seems to be merger week, with this one in India, creating much synergy between the banks, with the smaller banks focus on very small balance customers.

MUMBAI, DEC 9 : The board of directors of ICICI and Sangli Bank on Saturday approved an all-stock amalgamation of the latter with ICICI Bank. The deal will be in the ratio of one share of ICICI Bank for 9.25 shares of the privately-owned, non-listed Sangli Bank.

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ICICI Bank will seek to leverage Sangli Bank’s network of over 190 branches and existing one lakh customers and 1,850 employees in urban and rural centres for its rural and small enterprise banking operations, which are some of the key focus areas for the Bank.

ICICI Bank expects its rural banking business to constitute 15% of total assets in the next few years. The amalgamation will also supplement ICICI Bank’s urban distribution network.

Source: Sangli Bank merges with ICICI Bank